The fund, financed by policy lender China Development Bank, was unveiled in June, honouring a promise made by Chinese President Hu Jintao at a summit with African nations in Beijing in November 2006.

In one of the four projects, the fund will work with Shenzhen Energy Investment Co Ltd to finance a power station in Ghana, the fund said in a statement.

Another of the projects will fund a glass factory in Ethiopia, and a third will support a joint venture ferrochrome plant being built by state-owned Sinosteel in Zimbabwe, it added.

The fourth will help China National Building Material Co invest in cement and glass production facilities around Africa.

The fund has initial capital of $1 billion which will eventually expand to $5 billion.

Western critics say China has turned a blind eye to misrule and corruption as it woos African nations with investment.

Beijing says the fund will focus on industries that are important to the development of African nations and the welfare of their people, including infrastructure, agriculture and manufacturing.