Name: Wang Yong, Executive Vice President, China-Africa Development Fund

Title: Seizing Opportunities with the Belt and Road Initiative, Enhancing Investment and Cooperation in Africa

Abstract:

The China-proposed Belt and Road Initiative dovetails nicely with efforts and aspiration of African countries to expedite industrialization and agricultural modernization. There is unprecedented momentum for China-Africa cooperation. Just as President Xi Jinping said at the Johannesburg Summit of the Forum on China- Africa Cooperation in December last year, the momentum of Africa's development is unstoppable. As China has gained experience in its rapid growth and maintained competitive edges in production over the past three decades, China and Africa need each other and have complimentary strength. Increasing investment in Africa, enhancing Africa's "three networks and infrastructure industrialization", as well as cooperation on industry partnering and production capacity will help promote the continent's industrialization and China's supply-side structural reform.

The China-Africa Development Fund meets the need of China-Africa common development, and also efficiently contributes to the process therein. We have decided to invest a total of $3.5 billion in 87 projects in 36 African countries, with a view to bringing about an additional more than $17 billion worth of investment from Chinese companies. The fund has played and will keep playing a leading role in pushing Chinese enterprises to invest in Africa.

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