AVIC INTERNATIONAL and CAD Fund Sign a Memorandum of Strategic Cooperation
(Correspondent: Yin Zhitong) On November 2, AVIC INTERNATIONAL and China-Africa Development Fund (CAD Fund) signed an agreement on strategic cooperation at the press center during the 11th Airshow China in Zhuhai. Chairman of AVIC INTERNATIONAL Wu Guangquan, President of CAD Fund Chi Jianxin, Executive Vice President of AVIC INTERNATIONAL Pan Linwu and Executive Vice President Zhang Guangjian were present at the signing ceremony.
In 2015 during the Johannesburg Summit of the Forum on China-Africa Cooperation in South Africa, President Xi Jinping proposed 10 major plans to boost cooperation with Africa for the coming three years.
To promote China-Africa cooperation in industrial capacity and implement the national “Belt and Road” initiative and the development strategy of industrial capacity cooperation with Africa, AVIC INTERNATIONAL and CAD Fund are inclined to make joint efforts and make full use of their respective advantages for project investment cooperation in airport construction and operation, civil aircraft marketing, maintenance and leasing, spare parts center construction, rail transportation, roads, bridges and other infrastructures, cement, construction materials, machinery, vehicles, electronic components and other manufacturing industries, vocational education and training, overseas healthcare and other service industries as well as electricity, real estate and other fields in Africa and Portuguese-speaking countries. Based on the investment projects, the two sides aim to achieve win-win outcomes and accelerate the “going global” of China’s aviation industry and the process of “the three networks and industrialization”.
It is learnt that approved by the State Council, CAD Fund, China’s first private equity fund committed to investment in Africa, was inaugurated in June 2007 with a designed total capital of US$10 billion, so as to implement the “Eight Measures” for China-Africa practical cooperation announced on the Beijing Summit of the Forum on China-Africa Cooperation. It is designed to encourage and support Chinese enterprises to invest in Africa, contribute to economic development and improvement of people’s livelihood in a market-oriented approach, advance China-Africa mutually beneficial cooperation to a new level, and provide enterprises with investment in Africa with management, counseling, financial consultation and other services.