The Bank of Africa Group (BOA) and the China-Africa Development Fund CADfund signed a partnership agreement on Friday via videoconference to co-finance Chinese investment in Africa.

Signed by the President of Bank of Africa, Othman Benjelloun, and the President of the CADfund, Song Lei, this agreement confirms the major role played by the Bank in bringing China and Africa closer together, BOA said in a statement.

“This is a promising cooperation aimed at co-financing Chinese investment in Africa, either through the establishment of joint ventures or by direct bank financing by drawing on the Group's large African network,” said the same source, adding that the two parties are committed to capitalizing on their respective mastery of the Chinese and African markets to create value for their customers and partners.

This partnership also aims to promote, facilitate and co-finance Chinese companies wishing to set up in the Mohammed VI Tanger Tech city, the press release said, noting that CADfund has a financing capacity of 10 billion US dollars (USD), exclusively dedicated to productive investment in Africa.

“Through this agreement, BOA further strengthens its power in the Chinese financial market and establishes itself as an economic partner of choice in Sino-African bilateral cooperation,” the statement said, noting that within the framework of Sino-African cooperation, several cooperation topics between Bank of Africa and high-level Chinese institutions have been deployed recently, including the opening of a Group branch in Shanghai.

The creation of the CADfund in June 2007 is one of the eight measures announced by the Government of the People's Republic of China to implement pragmatic cooperation with Africa at the Beijing Summit of the Forum on China-Africa Cooperation in 2006.

Since its establishment, the CADfund has vigorously promoted investments by Chinese companies in Africa, played an important role in building infrastructure, technological progress, export earnings and employment in host countries, and promoted African economic and social development and competition in the global economic landscape.