Investment : Bank of China, IDC sign agreement on R10bn funding package

South Africa’s Industrial Development Corporation (IDC) and the Bank of China (BoC) have signed a framework agreement that could unlock a R10-billion funding package over the next five years to support regional projects in energy, infrastructure, manufacturing, agriculture, and mining .

Signed ahead of the Brics summit in Johannesburg, BoC CEO Dr Longjian Chen said the agreement highlighted the bank’s resolution to partner with South Africa in sustainability, just energy transformation and other funding initiatives.

The agreement’s other objective is to formalize the relationship between the IDC and BoC and strengthen their cooperation on funding initiatives, especially Chinese foreign direct investment into South Africa.

Source: Africa News Agency