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The project is expected to be completed by the end of 2017, and it will be the first such project in the China-Pakistan Economic Corridor.

Cooperation with China will help Africa break the three development bottlenecks of backward infrastructure, talent shortage and inadequate funds, accelerating its industrialization and agricultural modernization.

Outstanding problems such as forceful seizure, extorting bribes and embezzlement, as well as corruption and extravagance in poverty relief work, will be the focus of the campaign.

China must fully assess current challenges and risks, as prices of international commodities continues dropping, economic performances in key economies are growing different and adjustments of macro-policies have brought new uncertainties, he said.

The Beijing-based development bank is designed to provide financial support for infrastructure development and regional connectivity in Asia.