A total of four projects were signed: 1. the investment by the China-Africa Fund and the Overseas Construction Co., Ltd. cooperating in Ethiopia to produce 40,000 tons of glass, which is the first local glass factory there.
Production is expected to begin in May of this year, and will be the first time in history that glass is produced in this country; 2. in cooperation with the Shenzhen Energy Investment Co., Ltd., the investment in Ghana to build a 200,000 kilowatt gas plant; 3.the ferrochrome processing projects in cooperation with China Steel Group in Zimbabwe; and 4.working with China's Building Materials Corp. to set a platform to support Africa's cooperation with China, African countries will receive investment in cement, glass and other building materials projects.
The Chinese-African Development Fund was established in June 26, 2007; and is the first established fund announced by the Chairman, and inaugurated by our national leader of the State Council. It is also the first fund in the country that focuses on non-equity investment. The China-Africa Fund independently makes decisions; operates in the market; and shoulders the risks by hiring a professional operations and management team. It also leads and supports Chinese enterprises to expand non-direct investment; deepens Chinese-African economic and trade cooperation in market-oriented ways; promotes the African region's economic development and improves people's livelihood; and aims to achieve mutual development. The first phase of the fund was financed by the CDB with 1 billion US dollars; the total will reach up to 50 billion dollars.