(Yicai Global) Sept. 6 -- The 17 member banks of the China-Africa Financial Cooperation Consortium signed the China-Africa Financial Cooperation Consortium Establishment Agreement in Beijing yesterday to mark the official inauguration of the first multilateral financial cooperation mechanism between China and Africa.
China Development Bank was instrumental in the consortium's formation, China Central Television reported. The other 16 founding members are regionally representative and influential African financial institutions -- Union Bank of Nigeria (South Africa), Attijariwafa Bank (Morocco), Commercial and Investment Bank (Mozambique), National Bank of Egypt, Development Bank of the Central African States, Development Bank of Ethiopia, Ecobank Transnational, Mayfair Bank (Kenya), First Bank of Nigeria, Rawbank (Congo (DRC)) , Bank of Mauritius, Standard Bank of South African, Trade and Development Bank (Common Market for Eastern and Southern Africa), Uganda Development Bank, United Bank for Africa and West African Development Bank.
China Development Bank will increase practical cooperation with the other members, jointly promote infrastructure interconnection, production capacity cooperation and cultural exchanges between China and African countries, said CDB chairman Hu Huaibang. It will also contribute to the Belt and Road initiative and the creation of a Chinese-African community with a shared future and greater cohesion through comprehensive financial services, while utilizing the newly-founded consortium as a bridge.
As a government-backed development financial institution, the CDB sets great weight on its cooperation with African countries as a business priority. It started financing cooperation with these nations in 2006 and has since provided more than USD50 billion in funding for nearly 500 projects in 43 countries across the continent.
Editor: Ben Armour