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May 22 (Reuters) – China’s central bank and the African Development Bank Group on Thursday signed a $2 billion co-financing cooperation agreement for the African Common Growth Fund, the People’s Bank of China said in a statement on its website on Thursday.

The CEO of the Chinese Central Bank  Zhou and the President of the AfDB Dr Donald Kaberuka.

The fund will provide co-financing to sovereign and non-sovereign guaranteed projects over the next 10 years to support African infrastructure and industrial development, the statement said.

The establishment of the fund will further deepen China-Africa financial cooperation to support Africa’s long-term development, the statement said.

The Reuters