Beijing to Boost Spending in Africa Fund

China is planning to spend $2 billion more on its Africa investment fund, according to the Financial Times:

Since its launch in late 2006, the China-African Development Fund has invested $400m (€309m, £286m). It expected to have spent most of its initial capital of $1bn by the end of the year, as much as two years ahead of schedule, said Chi Jianxin, fund chief executive.

Observers of China’s flourishing relationship with Africa have noted that Beijing has been known to deliver less than its prodigious promises. Indeed, anecdotal evidence suggests that recent Chinese arrivals on the continent, particularly miners, have been heading home in their droves as commodity prices plunge.

However, speaking ahead of the opening of the fund’s first representative office in Johannesburg, the commercial capital of South Africa, the continent’s biggest economy, Mr Chi said: “We are moving faster. Because other [investors from] markets are not coming, [African companies] need more money from us.”

Xinhua also reports that the China-African Development Fund will open its first regional office on the African continent in Johannesburg.

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