China Sets Up ¥5B Green Fund to Support Sustainable Development in Africa

During the China-Africa Investment Symposium held in Beijing on 21 October 2024, China officially unveiled its Green Fund which will be endowed with RMB 5 billion in a bid to support sustainable development in Africa. This move is in line with the spirit of the recent FOCAC Summit 2024 (#FOCAC2024) which took place in Beijing in September 2024.

In particular, it is in part of the “Ten Partnership Measures” and “Green Partnership Development Initiative” announced during the Summit. The Fund is intended to finance projects in the fields of Renewable Energy, Green Mobility, Sustainable Mining and other projects that respect sustainability standards. In addition to project implementation, the Fund will only consider supporting upstream and downstream activities.

The Symposium was jointly organized by the China-Africa Development Fund (CADFund) and China Academy of International Trade Economic Cooperation (CAITEC) under the guidance of the China Development Bank (CDB). Some 300 participants attended the Symposium, including Chinese government officials, the diplomatic corps stationed in Beijing, business circles and research community.

Several areas for furthering cooperation were on the agenda via either a keynote presentation or as a topic on a discussion panel. The topics explored included infrastructure, industrialization, agricultural modernization and health & pharmaceuticals.