China-Africa Development Fund Opens First Office in Africa

JOHANNESBURG - Major Step for Sino-African Cooperation

The China-Africa Development Fund (CADFund) opened the first
representative office in Johannesburg, South Africa today. The Fund will
boost economic development in Africa by encouraging investment by Chinese
enterprises. Its creation stems from President Hu Jintao’s pledge at the
China-Africa Cooperation summit in 2006.

According to Chen Yuan, Chairman of the Board of the China Development
Bank, the Fund is the first of its kind. It will encourage Chinese companies
to invest in multiple industries, leading to an improved quality of life for
residents throughout Africa.

The China-Africa Development Fund is a 5 billion US Dollar fund. The
China Development Bank invested $1 billion, which is the fund’s first phase
of capital. Since its establishment in June 2007, the CADFund has facilitated
over 20 investments in Africa, amounting to nearly 400 million US Dollars.

Several high-level Chinese and South African government officials and
business leaders attended the office opening ceremony, including African
National Congress president Jacob Zuma, China Development Bank Chairman Chen
Yuan, CADFund CEO Chi Jianxin, and Zhong Jianhua, China’s Ambassador to the
Republic of South Africa. In total, over 300 guests were present at the
event.

The creation of the China-Africa Development Fund’s Representative Office
in South Africa is a further step to help facilitate CADFund’s investments in
Africa. The CADFund aims to establish Representative Offices throughout
Africa in the future to further promote economic cooperation between China
and Africa and to bring about mutual benefits.

About the China-Africa Development Fund:

The China-Africa Development Fund (CADFund) is a US$5 billion equity
investment fund in China focusing on investments in Africa. Established on
June 26, 2007, with initial funding of US$1 billion from the China
Development Bank, CADFund operates independently and assumes sole
responsibility for its profits and losses. Among the investments concluded by
CADFund: cotton planting and processing facility in Malawi, 560,000kW
scalable power station in Ghana, glass factory in Ethiopia, Egyptian Suez
Trade Park, and Nigerian Lachish Trade Zone.

For more information, please contact:

Maria Guimaraes
Ogilvy Public Relations Worldwide Beijing
Email: Maria.guimaraes@ogilvy.com
Tel: +86-10-8520-3094

Mikko Lan
Ogilvy Public Relations Worldwide Beijing
Email: Mikko.lan@ogilvy.com
Tel: +86-10-8520-6560

Source: The China-Africa Development Fund

Maria Guimaraes of Ogilvy Public Relations Worldwide Beijing, Maria.guimaraes at ogilvy.com, or +86-10-8520-3094; or Mikko Lan of Ogilvy Public Relations Worldwide Beijing, Mikko.lan at ogilvy.com, or +86-10-8520-6560