China Development Bank [File photo: IC]
China Development Bank (CDB), the country's major policy bank, signed a deal Thursday to loan 500 million U.S. dollars to African Export-Import Bank (Afreximbank).
The deal was reached at an African investment forum held Thursday in Changsha, capital of central China's Hunan Province.
Afreximbank is an international financial institution aiming to finance and promote intra- and extra-Africa trade. The bank will enhance ties with CDB in financing infrastructure, power, communication, transportation and agricultural projects in African countries, according to the deal.
The CDB also signed a memorandum of cooperation with Hunan provincial government at the forum to promote the province's investment in Africa.
On Wednesday, CDB led the establishment of China-Africa Financial Cooperation Consortium along with 16 African financial institutions.
Since 2006, CDB has spent more than 50 billion dollars financing nearly 500 projects in 43 African countries.