The China–Africa Development Fund (中非發展基金), or CAD Fund, was announced by Chinese Communist Party General Secretary Hu Jintao (胡錦濤) on November 4, 2006, as part of eight measures for Sino-African relations at the Beijing Forum on China-Africa Cooperation summit, and began operations on June 26, 2007. The fund is managed by China Development Bank (國家開發銀行),  a bank under the State Council, the PRC’s government. The CAD Fund makes equity investments in sectors including agriculture, infrastructure, manufacturing, industrial parks, and resource development throughout Africa, supporting Chinese corporate investment on the continent while asserting it will “strengthen Africa’s capacity to develop on its own and enhance Africa’s competitiveness.” Among its known investments is a 20 percent stake in South Africa’s Independent Media.