CADF investment in Africa reaches $10 bln, $1.5 bln in Suez Canal

CAIRO - 1 April 2017: Chief supervisor of the China-Africa Development Fund (CADF), Sun Xioankun, expressed his happiness Saturday with Egyptian achievements such as the establishment of the economic zone of the Suez Canal,

reported Youm7

. He added that the total amount of investment by the fund in African countries reached $10 billion, in addition to $1.5 billion invested in the Suez Canal.

During his speech the

Silk Road conference

, organized by the Egyptian businessmen’s association Saturday, Xioankun added that despite the difficulties that the Egyptian economy is going through, economic collaboration between China and Egypt reached $6 billion.

January 2016 marked the 60th anniversary of China-Egypt relations, he added, and Chinese President Xi Jinping announced the launch of the Silk Road initiative which was welcomed by Egypt because it goes along with the Suez Canal economic zone.

Xioankun emphasized that the development fund seeks to increase local production and the growth rates of both countries.