From China Daily via Ecns.cn

The China-Africa Development Fund, the nation’s largest equity fund focused on African investments, will raise another $2 billion in 2014 to boost the continent’s agricultural and steel sectors and upgrade its industrial development.

Chi Jianxin, president of the fund, said China has been looking to invest in different ways in Africa instead of focusing only on building infrastructure projects such as roads, bridges, ports and cement plants.

The fund became operational in 2007, with a target of raising $5 billion. It raised an initial $1 billion, with a second tranche of $2 billion being contributed by the China Development Bank in 2012.

“With a large number of young workers and abundant natural resources, African countries have good opportunities to capitalize on high prices of international agricultural products and commodities,” Chi said.

Because agriculture is crucial for stable development and poverty reduction in Africa, the fund has provided financial assistance or formed joint ventures in a number of agricultural or related projects.

Those projects include a grain processing plant in Mozambique, a sisal project in Tanzania, cotton planting in Malawi, and grain planting and poultry projects in Zambia.

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