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BEIJING, July 2 (Xinhua) -- Chinese policy bank China Development Bank (CDB) has issued loans worth 3.2 billion U.S. dollars to 40 African financial institutions.

The CDB has partnered with 10 member banks of the China-Africa Inter Bank Association (CAIBA) and has issued loans of roughly 1.8 billion U.S. dollars for 16 projects in infrastructure, small and medium-sized enterprises and other fields.

Led by the CDB, the CAIBA was established in September 2018, whose members include the Chinese policy bank and 16 African financial institutions.