The China-Africa Development Fund (“ CADFund”) is one of the Eight Measures which was announced by Chinese President Hu Jintao at the Beijing Summit of the Forum on China-Africa Cooperation on the November 4th , 2006.
It is a fund which aims to support Chinese companies to develop the cooperation with Africa and enter the African market.
On June 26th , 2007, CADFund hold the opening ceremony as the first fund which was announced to set up by Chinese President and cut the ribbon at an opening ceremony by the leaders of State Council.
Also it is the first fund focused specially on investing to Africa with the biggest scale among PE funds.
The Chinese government officially approved the establishment of the CADFund, with first-phase funding, USD 1 billion, provided by China Development Bank, and will eventually reach USD 5 billion.