Abstract : China Overseas Infrastructure Development and Investment Corporation (COIDIC) and Port of Djibouti and Administration of Free Trade Zone (FTZ) inked memorandum of understanding (MOU) on oil reservoir and supporting infrastructure project on

CHANGSHA, Sept. 7 (Xinhua) -- China Overseas Infrastructure Development and Investment Corporation (COIDIC) and Port of Djibouti and Administration of Free Trade Zone (FTZ) inked memorandum of understanding (MOU) on oil reservoir and supporting infrastructure project during the 4th Investing in Africa Forum held in Changsha, central China’s Hunan Province on Thursday.

The oil reservoir and supporting infrastructure project marks an important achievement made by COIDIC and Djibouti in the field of energy and infrastructure. Based on the MOU, COIDIC has been granted the exclusive right to explore the project. Upon completion, the project will become the first large oil reservoir facility in the region and produce a far-reaching influence on development of the regional economy.

COIDIC, China’s first and largest overseas infrastructure development platform with a total registered capital of 500 million U.S. dollars, is established joinyly by China-Africa Development Fund (CADFund), an equity investment fund managed by China Development Bank, and a number of Chinese corporations engaged in large-scale infrastructure building, investment, operation and design.

The CADFund, established in June 2007 and boasting a total scale of 10 billion U.S. dollars, is the first Chinese equity investment fund that focuses on investments in Africa. It encourages and supports Chinese enterprises to invest in Africa. By far, it has invested over 4.6 billion U.S. dollars in 92 projects of 36 African countries. (Edited by Zhang Yuan, zhangyuan11@xinhua.org)