China Development Bank (CDB), the largest policy lender in the country, has invested over $2.4 billion in Africa’s infrastructure development, the bank’s president, Zheng Zhijie, has revealed.

According to the president, the bank – through its wholly owned subsidiary fund, China-Africa Development Fund – has financed several economy-enhancing projects in mineral resources development, power generation, agriculture and machinery manufacturing across 30 African countries, and has also offered loans worth a reported $18.9 billion.

With the economic crisis threatening Europe and parts of North America and a quest to find cost friendly markets for trading and business development, western countries have started turning their attention towards African nations, with predictions that the continent will be the next region to enjoy an economic boom.

Top economic giants including the US, UK, Japan, Russia, France and Germany are all pushing for investment opportunities in the fast growing continent, but China seems to be leading the pile.

In 2009, China became Africa’s biggest trading partner, with trade deals skyrocketing from $10 billion in 2000 to over $200 billion this year, thereby outdoing the US.

The influx of funds to Africa by the world’s 2nd largest economy is worrying for most western powers which are of the opinion that China aims to monopolize the investment market, though the notion has been waved off by US president, Barak Obama.

“I don’t feel threatened by it. I feel it’s a good thing,” said president Obama during his tour of Africa in July. “I want everybody playing in Africa. The more the merrier.”

China however aims to become a major player the process of Africa’s industrialization thrive and is putting its resources on the line to confirm is seriousness.

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