The measures include encouraging Chinese enterprises to expand investment in Africa and Chinese financial institutions to open branches and representative offices on the continent.

    According to Zhou, African financial institutions are also welcome to set up branches and representative offices in China.

    Earlier this week, Gao Jian, vice governor of the China Development Bank, said the CDB attaches great importance to cooperation with African nations. It has dispatched eight working teams to the continent and will dispatch another 18 teams this year.

    According to the CDB's draft plan, the fund will start with 1 billion U.S. dollars, with funding increasing to 3 billion U.S. dollars in the second phase, and eventually to 5 billion dollars.

    "Improving financial collaboration between Asia and Africa is crucial for both parties in a globalized world," said Zhou Xiaochuan, governor of the People's Bank of China, who is also the president of the board of governors of AfDB Group.

    "China is willing to play a more active role in promoting the cooperation," Zhou stressed.

    Finance is a crucial area in China-Africa economic cooperation, said Donald Kaberuka, president of AfDB.

    China provides a considerable amount of foreign direct investment to African countries, according to Charles Chikaura, CEO of the Infrastructure Development Bank of Zimbabwe.

    Prior to the AfDB annual meetings, several forums were held by Chinese and African financial institutions, including the CDB, the Import and Export Bank of China and Standard Bank of South Africa. The forums focused on how to provide financial support for Chinese firms to invest in Africa.

    Currently, China is increasing investment in Africa and exploring new channels for financial cooperation with African nations.

    China and AfDB have launched a bilateral technology cooperation fund valued at 2 million U.S. dollars, so as to provide technical support for African nations. It also pledged to donate approximately 2.84 million U.S. dollars in the 2006-2007 period to help with African countries' debt relief programs.

    Gao Jian said CDB has signed framework agreements on cooperation with the East African Development Bank and the Eastern and Southern African Trade and Development Bank.

    Li Ruogu, governor of the Import and Export Bank of China, said Exim Bank has operated projects with all African nations that have established diplomatic relations with China. In the coming three years, the bank will inject 20 billion U.S. dollars into these projects.