China-LAC Cooperation Fund
| Company type | Multilateral investment and financing cooperation fund |
|---|---|
| Industry | Investment Management; Project Finance |
| Founded | 2015 |
| Headquarters | 30 Fuxingmennei Street, Xicheng District, Beijing |
The China-LAC Cooperation Fund (abbreviated CLAC Fund) is a multilateral investment and financing cooperation fund established by the Chinese government. The CLAC Fund is divided into a US$2 billion co-financing facility and US$3 billion investment fund. Both the co-financing facility and fund support investments and projects in Latin America and the Caribbean.[1]
It is one of three multilateral cooperation funds created by the Chinese government to advance the economic relationship between China and Latin America. The other two are Sino-Latin American Production Capacity Cooperation Investment Fund (China-LAC Industrial Cooperation Investment Fund) and the Special Loan Program for China-Latin America Infrastructure Project.[2][3]
Investment fund
The initial scale of the investment fund is US$3 billion contributed by the Chinese government. The investment fund is administered by the Export-Import Bank of China.[1] The fund has made investments in Brazil and Jamaica. In Brazil the fund was involved in the acquisition of a project from Duke Energy and an investment in Electrosul.[4]
Co-financing fund
The co-financing fund is funded by a capital contribution of US$2 billion from the Chinese government. It is administered by the Inter-American Development Bank (IDB) to finance alongside lending by the IDB for projects in "education, water conservancy and energy, etc." in Latin America and the Caribbean.[1]
References
- ^ a b c "Introduction of the China-LAC Cooperation Fund". China-CELAC Forum.
- ^ Li, Yuanbo; Zhu, Xuefeng (April 17, 2019). "The 2030 Agenda for Sustainable Development and China's Belt and Road Initiative in Latin America and the Caribbean" (PDF). Sustainability. 11 (8): 2297. doi:10.3390/su11082297. S2CID 159185022.
- ^ Gallagher, Kevin (February 12, 2016). "China doubles bets on ailing Latin American economies". Financial Times.
- ^ Myers, Margaret; Gallagher, Kevin P. (March 30, 2018). "Chinese development finance "down but not out" in Latin America". Global Americans.
