China Development Bank provides $ 500 million to Afreximbank

The China Development Bank (CDB) has signed an agreement providing for $ 500 million to the African Bank of Exports and Imports (Afreximbank) to finance infrastructure projects on the continent.

According to Afreximbank, based in Cairo, this financial instrument will be used to guarantee, in particular, the financing of projects in various sectors, including energy, telecommunications, transport, agriculture, medical services and industrial parks.

The agreement was signed by the CDB president, Zheng Zhijie Liu, and the Afreximbank president, Benedict Oramah, at a ceremony held on the sidelines of the 4th Africa Investment Forum held in Changsha, China.

Since 2006, Afreximbank has financed almost 500 projects in 43 countries worth more than 50 billion dollars, the statement reported.