Chinese bank says it has helped to generate 200k jobs in Africa

Chinese President Xi Jinping stands by national flags in Berlin on March 28, 2014.
Credit: Time Magazine

China Development Bank (CDB) says it has helped to generate about 200,000 jobs in Africa while lending out nearly one-quarter of a $10 billion development financing package announced by China in 2018.

In September 2018, Chinese President, Xi Jinping, announced a $60 billion financial package for Africa, which included a $10 billion special fund for China-Africa development.

It appears this “nearly one-quarter” speaks to that special fund.

CDB’s Executive Vice President, Zhang Xuguang, revealed the information at a seminar held in Beijing on Monday, according to China’s Global Times.

The bank also says it has focused on “helping small-and medium-sized enterprises (SMEs) in Africa, lending a total of $2 billion so far to help generate 200,000 local jobs and boost trade by $4.8 billion.”