GUANGZHOU - The China Africa Development Fund (CAD Fund), an equity investment fund managed by China Development Bank, had invested $4 billion in Africa as of the end of November, authorities said Wednesday.

Since its establishment in 2007, the fund has invested in 88 projects in 37 African countries. The projects cover areas including infrastructure, processing and manufacturing, and energy and mineral resources, said Wang Yong, vice president of the fund, at a business partnership event attended by Chinese and African companies in Guangzhou.

In addition to investment directly from the CAD Fund, the projects have attracted a further $17 billion in the form of enterprise investment and bank loans to Africa, according to Wang.??

With an initial seed fund of $1 billion, the CAD Fund was set up to diversify financial vehicles to facilitate Chinese investment in Africa.

The fund mainly focuses on long-term investment projects such as industrial development, agriculture, infrastructure, and resource development.