China-Africa Development Fund: Supporting the Construction of a “Sky Silk Road” Across Africa
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Recently, AW173 flight took off from Kumasi, Ghana‘s second-largest city, and landed smoothly at Accra International Airport, the capital. At the airport, Ghanaians celebrated with majestic drumming and vibrant traditional dances to welcome the 5 millionth passenger of Africa World Airlines (AWA). This milestone not only sets a new record for Ghana’s civil aviation but also highlights the tangible results of the Belt and Road Initiative in West Africa.
Since its preparatory phase in 2010, AWA Airlines has received financial support from the China-Africa Development Fund (CADFund), a subsidiary of the China Development Bank. Over the past decade, AWA Airlines has grown from operating a single aircraft and route to a fleet of eight planes, transporting over 500,000 passengers annually. Its route network now spans multiple West African countries, including Ghana, Nigeria, Burkina Faso, Liberia, Sierra Leone, and Côte d’Ivoire, creating a regional air corridor and improving safe travel options for local communities.
Chief Togbi, a local shareholder, told the media, “AWA Airlines has achieved this record of five million passengers thanks to operational management and financial support from China’s Hainan Airlines Group and the China-Africa Development Fund. This is a historic milestone for Ghana’s civil aviation. Beyond contributing to Ghana’s economic growth, AWA Airlines has nurtured professional talent, including pilots and engineers. These achievements are truly remarkable, and we are grateful for all that AWA Airlines has done for the people of Ghana.”
The China-Africa Development Fund adheres to a long-term investment philosophy, leveraging patient capital to work with African partners toward mutually beneficial outcomes. AWA Airlines, jointly invested and operated by CADFund, Hainan Airlines Group, Ghana’s SAS Financial Group, and the Social Security and National Insurance Trust, serves as a flagship example of China-Africa collaboration in the aviation sector. The project was featured in the United Nations Office for South-South Cooperation publication South-South Cooperation in Action.
Established in 2007, the China-Africa Development Fund is China’s first equity fund focused on African investments. It emerged as a key outcome of the 2006 China-Africa Cooperation Forum Beijing Summit and is managed by the China Development Bank. Its mission is to encourage and support Chinese enterprises investing in Africa. Since the 14th Five-Year Plan, CADFund has injected nearly RMB 17 billion in new capital, prioritizing African infrastructure and industrial cooperation, thereby contributing to economic development and improved livelihoods across the continent.







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