BEIJING, July 2 (Xinhua) -- Chinese policy bank China Development Bank (CDB) has issued loans worth 3.2 billion U.S. dollars to 40 African financial institutions.

(Photo: VCG)

The CDB has partnered with 10 member banks of the China-Africa Inter Bank Association (CAIBA) and has issued loans of roughly 1.8 billion U.S. dollars for 16 projects in infrastructure, small and medium-sized enterprises and other fields.

Led by the CDB, the CAIBA was established in September 2018, whose members include the Chinese policy bank and 16 African financial institutions.