China Eximbank officially set up a USD5 billion special fund for financing imports from Africa to help African countries better enjoy the fruits of China’s reform and opening-up and enable the Chinese and African people to share the benefits of China-Africa trade and exchanges.
At the opening ceremony of the Beijing Summit of the Forum on China-Africa Cooperation in September 2018, President Xi Jinping announced that China and Africa would jointly launch eight major initiatives for cooperation. As an important part of the supporting funds for the eight major initiatives, the special fund is set up by China Eximbank based on market and commercial principles. It does not set quotas for specific countries and industries and will be applied by means of various financing products and credit enhancement of China Eximbank. The special fund focuses on supporting China’s (excluding Hong Kong, Macao and Taiwan) import of goods and services from Africa, helping enhance Africa’s industries that are specialized in exporting processed products to China, and promoting the construction of industrial parks that facilitate exports to China.
The special fund provides services to industrial and commercial enterprises and financial institutions registered in China (excluding Hong Kong, Macao and Taiwan), African export enterprises, African financial institutions (including branches of domestic banks and multinational banks in Africa) and African governments.