On December 4, 2015, China-Africa Investment and Financing Forum, themed “Building A Sustainable Africa”, was held in Johannesburg, South Africa by the Industrial and Commercial Bank of China (ICBC) and the Standard Bank of South Africa together with the International Cooperation Center (ICC) of the National Development and Reform Commission (NDRC). Present at the Forum were ICBC President Yi Huiman, Co-CEO Sim Tshabalala of Standard Bank and Director Cao Wenlian of the ICC as well as nearly 100 entrepreneurs and government officials from China and Africa.

Mr. Yi Huiman said in his address that China-Africa economic and trade cooperation is embracing new historic opportunities and financial services would give a strong impetus in this regard. In the next five years, ICBC will work with Standard Bank to help African countries launch 100 infrastructure and industrial projects involving transport, electricity, telecommunications, energy, manufacturing, and construction of industrial parks, so as to build up economic powerhouses for these countries.

Mr. Sim Tshabalala said in his speech that the strategic partnership between ICBC and his bank stands as a perfect example of China-Africa financial cooperation. In recent years, the two banks, guided by the principle of cooperating with good faith and for mutual benefits, have achieved remarkable results in Africa’s infrastructure, metals, clean energy and other fields.

Mr. Cao Wenlian gave a speech titled “China-Africa Production Capacity Cooperation—A New Approach to Mutual Benefits and Win-win Situation”. As he noted, the Chinese economy is entering a period of new normal and its advantageous capacity surplus needs new markets. Africa boasts abundant resources and huge market potential but lags far behind in infrastructure and manufacturing capacity, which brings valuable opportunities for Chinese and African enterprises to cooperate. At the same time, the implementation of the “Belt and Road” Initiative will greatly boost the cooperation between China and Africa in production capacity.

During the Forum, ICBC reached a number of agreements with various parties, including the Agreement on Financial Cooperation in Upgrading and Expansion of Reserve Facilities with the Strategic Oil Foundation of South Africa, the Agreement on Financing Services for the Comprehensive Exploitation Project in Sukulu Poly-metallic Ore Mine of Uganda with the Ministry of Energy and Mineral Development of Uganda, the Consignment Agreement on Financing for the 2-million-ton Cement Plant in Morocco with the Atlantic Cement Corporation of Morocco, the Agreement on Financial Services for the Housing Guarantee of the Presidential Palace of Angola with the Commercial Holding Group and the Savings and Credit Bank (BPC) of Angola, the Agreement on Financing Services for the 350MW Gas-fired Power Plant in Ghana with Chrispod Power Corporation of Ghana, and the Agreement on Cooperation in Coal-fired Power Plant Projects with Itobe Coal-fired Power Corporation of Nigeria, involving a total financing of USD2.2 billion.