The Bank of Africa Group (BOA) and the China-Africa Development Fund CADFund signed, friday by videoconference, a partnership agreement to co-finance Chinese investment in Africa.

Initialled by Bank Of Africa President Othman Benjelloun and CADFund President Song Lei confirms the Major Role the Bank has played in bringing China-Africa closer together, BOA said in a statement.

"This is a promising cooperation aimed at co-financing Chinese investment in Africa, either through the establishment of joint ventures or through direct bank financing by relying on the Group's extensive African network," said the same source. Adding that both sides are committed to capitalizing on their respective mastery of the Chinese and African markets to create value for their customers and partners.

This partnership also aims to promote, facilitate and co-finance Chinese companies wishing to set up in the Mohammed VI Tangier Tech city, the statement said, noting that CADFund has a financing capacity of 10 billion US dollars (USD), exclusively dedicated to productive investment in Africa.

"Through this agreement, BOA further strengthens its power in the Chinese financial market and establishes itself as the economic partner of choice in China-Africa bilateral cooperation," the statement said, noting that within the framework of China-Africa cooperation, several cooperation topics between Bank of Africa and high-level Chinese institutions have been decided. Recently, including the opening of a Branch of the Group in Shanghai.

The establishment of the CADFund in June 2007 is one of eight measures announced by the Government of the People's Republic of China to implement pragmatic cooperation with Africa at the Beijing Summit of the Forum on China-Africa Cooperation in 2006.

Since its inception, the CADFund has vigorously encouraged investment by Chinese enterprises in Africa, played an important role in infrastructure construction, technological progress, export earnings and employment in host countries, and encouraged African economic and social development and competition in the global economic landscape.