CDB channels over $50 bln to Africa in H1 2017

China Development Bank (CDB) extended loans of more than 50 billion US dollars to 43 African countries in the first half of this year.

Wang Yongsheng, vice president of CDB, said Thursday that the capital has been used to support the development of agriculture, manufacturing industry, infrastructure, and to improve people's livelihood.

The bank has so far reached consultation agreements with 18 African countries and used its advantages in long-term and larger loans to help African countries grow domestic financial markets.

Building of China Development Bank in Beijing.

It also initiated the China-Africa Development Fund and launched a special loan targeting Africa's small- and medium-sized enterprises.

The bank's outstanding loans to Africa totaled 36.8 billion US dollars, according to Wang.

(ASIA PACIFIC DAILY)