DEFINITION of 'China-Africa Development Fund - CAD Fund'
Established in June 2007, the China-Africa Development Fund is the first Chinese equity investment fund that focuses on investments in Africa. The fund has a target size of $5 billion to be reached in phases, with first-phase funding of $1 billion provided by China Development Bank.
BREAKING DOWN 'China-Africa Development Fund - CAD Fund'
The China-Africa Development Fund was one of eight measures announced by Chinese President Hu Jintao at the Beijing Summit of the Forum on China-Africa Cooperation in November 2006. The Fund concentrates its investments in industries and fields that will help promote Africa's economic development, such as agriculture, manufacturing, infrastructure and resources.