China-Africa Development Fund Opens West Africa Office

The CAD Fund set up an office in Accra, the capital of Ghana, in November 2011, the first in West Africa and the fourth on the continent following those already operational in South Africa, Ethiopia and Zambia. The fund is investing in more than 50 projects in nearly 30 countries. It is estimated that the CAD fund's phase I projects alone will bring Chinese investment of US $5 billion or more to Africa, expand the export potential of host countries by US $1.8 billion, add US $900 million in tax revenue to local coffers and create 180,000 jobs. The fund was proposed by Chinese President Hu Jintao in 2006 at the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) and officially established in June 2007 with a capital size designated to reach US $ 5 billion.