China Development Bank establishes investment with over 40 African countries

China Development Bank has established investment and financing cooperation with over 40 African countries so far, jointly serving to advance the high-quality development of the China-Africa partnership and the Belt and Road Initiative, the bank said during the just-concluded Council Meeting of China-Africa Interbank Association in Abuja, Nigeria.

The bank has been deepening its financial cooperation with African counterparts over the years, with a focus on supporting the development of Africa's infrastructure, manufacturing, and small and medium-sized enterprises, among others, it said during the meeting, the second of its kind, on Wednesday.

The bank's targeted support has facilitated the on-the-ground realization of projects, such as the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, the Lekki Deep Water Port in Nigeria, and the Nairobi Expressway in Kenya, it added.

The China-Egypt TEDA Suez Economic and Trade Cooperation Zone, jointly supported by CDB and its subsidiary China-Africa Development Fund, has emerged as a shining example of the tangible benefits of China-Africa collaboration under the BRI.

The zone has already attracted over 140 enterprises, generating cumulative sales of more than $3.7 billion and tax revenues exceeding $200 million, and directly creating nearly 6,000 jobs, according to the bank.