Chinese Africa fund screens more than 100 potential investments

The China Africa Development Fund, with US$1 billion under management, has identified more than 100 possible projects for investment, Reuters reported. The fund’s chief executive, Chi Jianxin, said US$44 million had been invested so far in a power generator and a glass maker. It is carrying out due diligence on some of the potential projects it has identified. The fund was set up last year to promote investment in Africa. The organization currently gives funds to Chinese companies to invest in Africa, but it is considering direct investments of US$5-50 million a project with an investment horizon of about 10 years. Chi said the fund would not seek management control of projects it invests in.