Africa fund marks change of investment strategy

China is changing the way it invests in Africa, with a new wave of projects to be supported under a $2 billion agreement signed on Thursday by the People's Bank of China and the African Development Bank.

The establishment of the Africa Growing Together Fund marks the first time that China is putting money into Africa through a multilateral institution rather than working directly with individual local governments.

The fund will provide 10 years of support for eligible sovereign and nonsovereign guaranteed development projects in Africa, according to the official website of the Chinese central bank.