The African Import-Export Bank (Afreximbank) and the China Export-Import Bank (China Eximbank) will finance the development of 2,000ha of industrial zones in Cote d’Ivoire, according to a statement published on July 8 by the Ivorian government after a council of ministers’ meeting.

“This project will accelerate the industrialization of our country via the promotion of the manufacturing sector, the transformation of agricultural and non-agricultural products as well the construction on the selected sites, of national and international companies,” the statement said with no further details.

Abidjan said the Afreximbank-China Eximbank project is part of a joint initiative launched by the two institutions to develop industrial parks in various African nations. In fact, China Exim Bank has already financed such a project in Ethiopia and Kenya.

Let’s recall that, China, during the 6th forum on China-Africa cooperation (FOCAC) held in December 2015 in Johannesburg, promised to invest $60 billion in Africa over three years, of which 10 billion as initial capital in a fund to support industrial partnerships.

Founded in October 1993, Afreximbank is a multilateral institution dedicated to financing, and promoting intra and extra-African trade. Since it started its activities in 1994, the Cairo-based bank disbursed more than $36 billion of loans to finance institutions, and firms from these 38 member-states.