China is poised to invest billions of dollars in Africa through a multilateral institution in Beijing’s first departure from its “cheque book” policy of bilateral deals on the continent.
Beijing and the African Development Bank, the continent’s biggest development lender, will this week unveil a $2bn investment vehicle, called the “Africa Growing Together Fund”, which officials say marks a symbolic shift from previous Chinese practice.
“China has been using a bilateral route in Africa. Now it is taking a more multilateral [approach],” said an official familiar with the project. The fund will be signed off this week during the annual meeting of the AfDB in Kigali, the Rwandan capital.
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