investment funds and multilateral financial institutions from both sides, to scale up support for China-Africa production capacity cooperation, support the industrialization of Africa and provide more diversified financing packages for African countries. The two sides call on more institutional investors who tend to make long-term investments such as insurance companies and sovereign wealth funds to give more attention to China-Africa cooperation projects. 3.8.4 China will deepen cooperation with regional and sub-regional development financial institutions including the African Development Bank, the African Export-Import Bank, the Eastern and Southern African Trade and Development Bank and the West African Development Bank, and make good use of joint financing facilities such as the Africa Growing Together Fund (AGTF), to support projects in areas of infrastructure, agricultural development and industrial cooperation. 3.8.5 China welcomes the issuance of panda bond by eligible African sovereign, multilateral and financial institutions in the Chinese bond market to contribute to diversifying the financing channels for African market entities. China will work for greater convenience for African countries who hold RMB as a reserve currency. 3.8.6 The two sides support the RMB offshore market development in Africa, and will encourage provision of custody bond service by Chinese commercial banks in Africa for local investors, and support those banks in bringing into full play their role as RMB clearing banks in Africa to meet the growing demands for the use of RMB in China-Africa trade and investment. China will establish a China-Africa cross-border RMB center, and welcomes African countries and financial institutions to issue RMB bonds in China. 3.8.7 The two sides will continue to encourage and support their financial institutions, in accordance with respective laws, regulations and prudential supervisory rules, in strengthening mutually beneficial cooperation through investment, joint ventures or other means, and providing diversified and inclusive financial services. The network of financial institutions and services of both sides will be improved to facilitate trade and investment. 3.8.8 The African side applauds China’s positive contribution to supporting African countries to address debt vulnerability through its full implementation of the G20 Debt Service Suspension Initiative (DSSI). China will observe the G20 agreement in its management of debt-related issues and provide support for African countries in difficulties. China and Africa urge other official bilateral creditors, commercial creditors, and multilateral development banks to take the same concrete action. 3.8.9 China encourages its financial institutions to, on the basis of market-oriented principles, make independent decisions on additional financing to African countries. China is ready to channel to African countries 10 billion US dollars from its share of the IMF’s new allocation of SDR. China calls on the IMF and the World Bank to take into account the new situation and reform their respective lending approval procedures in ways that are more adapted to the reality of African countries, so as to support more efficient access of African countries to development financing. 17/36