HAIKOU, China—Hainan Rubber Group signed a memorandum Dec. 11 to set up an investment vehicle to develop projects in natural rubber and other related sectors in Africa.
Such investment will have a special focus on the Community of Portuguese Language Countries in Africa, Hainan Rubber said.
According to the company's filing on the Shanghai Stock Exchange, the two other parties for the memorandum are China-Africa Development Fund and China Development Bank's Hainan branch.
China-Africa Development Fund has $4.8 billion registered in capital, the company noted.
Under the agreement, Hainan Rubber will take charge of the projects' implementation and management. China-Africa Development Fund and China Development Bank's Hainan branch will provide financial services for the investment vehicle.
The filing also notes that this is an initial framework agreement and further agreements will be entered into for details of the cooperation.