OREANDA-NEWS. July 09, 2014. PBC Governor Zhou Xiaochuan attended the Annual Meetings of the Board of Governors of the African Development Bank Group in Kigali, Rwanda, and paid a visit the Uganda and Burundi. During the annual meetings, Governor Zhou and Mr. Donald Kaberuka, President of the African Development Bank Group, signed a USD2 billion co-financing agreement known as the Africa Growing Together Fund (“AGTF”).

The resources from the AGTF are expected to be provided over a 10-year period to finance eligible sovereign and non-sovereign guaranteed development projects in Africa, so as to support infrastructure and industrialization in Africa. This represents an important step in carrying out result-oriented and efficient financing cooperation between China and Africa as envisioned by Premier Li Keqiang when he visited Africa.

The Chinese government has proposed a new framework to upgrade China-Africa cooperation and jointly create a better future. The launch of AGTF reflects the goodwill to seek inclusive development on both sides, and will further deepen China-Africa financial cooperation, support Africa’s long-term development, and achieve a win-win situation.

The African Development Bank Group was established in 1964. As the largest inter-government regional development financial organization in Africa, the mandate of the African Development Bank Group is to promote economic development and social progress among the African members. China joined the Group as a non-regional member in 1985.