17 March 2009 – The China-Africa Development Fund (CADF) has opened a representative office in Johannesburg this week. It also signed a memorandum of understanding with the department of Trade and Industry which includes mining, energy, infrastructure and information, and communications technology.
Speaking at the opening of the CADF offices in Johannesburg, Dr Matthews Phosa, African National Congress secretary-general, said that it was clear there was a strong Chinese focus on investing in South Africa, saying further that such investments would be welcome. He commented further that investments by the China Development Bank (CDB) in Africa at a time of global economic crisis was noteworthy.
The CDB is the sole shareholder in the CADF, which will eventually have in the region of US$5 billion for total capital investment. According to CDB chief governor, Chen Yuan, CADF had investments of nearly US$400 million in Africa. He expressed the hope that the office in South Africa would mean accelerated investments and cooperation between Chinese and African businesses.