CDB grants $1.5 mln to African management school project

China Development Bank (CDB), one of the country's three policy banks, signed an agreement with the China Europe International Business School (CEIBS) Saturday, granting the school 1.5 million U.S. dollars to further develop its African project in Ghana. "China has invested in Africa in a variety of fields, and its investment has been welcomed by African people and local companies," said CEIBS President Pedro Nueno. "Participants in our African Program expressed their gratitude to China for helping CEIBS offering management class there," Nueno said. Africa and China shared a lot in common, and both were eager to enhance the economic growth and improve people's livelihood, said Wang Yuan, chief economist of the CDB. "By sharing China's experience in economic reform and development with our partners in Africa, they will formulate development policy that fits their own needs in order to boost social and economic development," Wang said. As China's largest bank engaged in overseas investment and financing cooperation, the CDB had issued about seven billion U.S. dollars in loans to more than 30 countries in Africa by the end of September this year, she said. The CEIBS launched its EMBA program in Accra, capital city of Ghana in March 2009.