China-Africa Interbank Association Deepens Financial Ties at Abuja Council Meeting
On November 27th, the China-Africa Interbank Association (CAIBA) convened its second council meeting and financial cooperation seminar in Abuja, Nigeria. Themed “High-Quality Financial Cooperation for Joint Modernization Efforts”, the meeting brought together key representatives from member banks across China and Africa. Discussions centered on advancing strategic alignment, capacity building, green development, and financial innovation to implement the outcomes of the 2024 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).
////
A Growing Platform for High-Impact Collaboration
ONE
Co-hosted by China Development Bank (CDB) and First Bank of Nigeria, the meeting marked the first time CAIBA's council convened on African soil. Member banks such as Standard Bank of South Africa, Rawbank of the DRC, Trade and Development Bank of Eastern and Southern Africa, and Attijariwafa Bank of Morocco, among others, were present.
CAIBA, established in 2018 under the leadership of China Development Bank, has grown into a vital multilateral mechanism facilitating China-Africa financial collaboration. To date, CDB has extended $1.7 billion in loans under CAIBA to support trade, infrastructure, and small businesses across Africa.
Wang Weidong, Vice President of CDB, emphasized that the platform has matured over the past six years, becoming a pillar of China-Africa economic cooperation. He reiterated CDB's commitment to furthering landmark infrastructure projects, green finance, and inclusive development, aligning with the goals of the 2025-2027 Beijing Action Plan.
////
Powering Africa’s Infrastructure and Industrial Growth
TWO
China Development Bank has established investment and financing relationships with over 40 African countries, targeting critical areas such as transportation infrastructure, renewable energy, and manufacturing transformation. Projects like Nigeria's Lekki Deep Water Port, Kenya's Nairobi Expressway, and the China-Egypt TEDA Suez Economic and Trade Cooperation Zone stand as milestones in fostering economic growth and industrialization.
The China-Egypt TEDA Suez Economic and Trade Cooperation Zone, backed by CDB and its subsidiary China-Africa Development Fund (CADFund), exemplifies the tangible outcomes of China-Africa cooperation. The zone has attracted over 140 enterprises, generating $3.7 billion in cumulative sales and $200 million in tax revenues, while creating 6,000 direct jobs and driving employment for an additional 50,000 people.
////
Financial Innovation for Green and Inclusive Development
THREE
Member banks at the Abuja meeting pledged to deepen their collaboration in green finance, SME support, and technological innovation. Recognizing Africa's industrialization and sustainable growth as central to the partnership, the banks aim to leverage innovative financial tools to unlock investment potential across the continent.
CAIBA's cooperation also reflects a broader alignment with the Belt and Road Initiative (BRI), promoting inclusive and sustainable economic development. Projects funded through this partnership, such as renewable energy plants and modern transportation systems, are paving the way for economic diversification and a greener future in Africa.
////
From Vision to Results: China-Africa Financial Synergy
FOUR
China's commitment to financial liberalization has been instrumental in attracting global players. Over the past five years, more than 50 measures have been introduced, including:
-
Removing foreign ownership limits for insurance firms.
-
Simplifying entry requirements, prioritizing expertise over rigid scale or operational history.
This policy environment has created a win-win dynamic: foreign firms gain access to a high-growth market, while local players benefit from international expertise and healthy competition.
////
A Shared Future of High-Quality Development
FIVE
As China and Africa continue to deepen their financial partnership, platforms like CAIBA are critical to achieving high-quality modernization goals. With sustained support from institutions like China Development Bank, Africa's infrastructure, green economy, and industrial sectors are poised for accelerated growth.
From landmark ports to thriving industrial zones, the results of China-Africa collaboration are already evident. As Wang Weidong highlighted, the next phase will focus on scaling these successes to create a sustainable, inclusive, and modern future for China and Africa alike.
First, please LoginComment After ~