China equity fund to invest $300 mln in Africa

A Chinese private equity fund set up a year ago for ventures in Africa plans to spend about $300 million on projects in 2008, its vice-president said on Friday. The China-Africa Development Fund (CADFund) was launched in June 2007 with an initial $1 billion provided by the China Development Bank and plans to eventually grow to $5 billion, the fund's vice-president Hu Zhirong said.