China-Africa Industrial Capacity Cooperation Fund provides $40 million USD for Phase I of the Angola Aluminum Profile Factory Project (Linked to Umbrella #87032)

Project narrative

During the 2015 Forum on China-Africa Cooperation in Johannesburg, President Xi Jinping announced his intent to establish the China-Africa Industrial Capacity Cooperation Fund (CAICCF) (see Umbrella Record ID#87032). In January 2016, the People's Bank of China announced that the registration procedures were complete so the special fund was ready to begin operations. Its start-up capital was $10 billion USD. CAICCF-- jointly funded by China's foreign exchange reserves (80% stake) and China Eximbank (20%)-- offers equity, debt, and loan financing for development projects in Africa. The first project funded by the China-Africa Capacity Cooperation Fund was Phase I of the Angola Aluminum Profile Factory Project. The factory, located in the Luanda-Bengo Special Economic Zone, was designed to produce 10,000 tons of aluminum per year and cover an area of 20 hectares. The implementing contractor China CITIC Construction Co., Ltd. was supposed to put the factory into operation in 2018. This project was officially commissioned on 21 May 2019.