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China to Loan $56 Million to Africa for Telecom Projects

The Export-Import Bank of China has signed a $56.4 million loan agreement with the African Export-Import Bank. The loan will be used to finance Zhong Xing Telecommunication Equipment Co., Ltd. (ZTE) so that it can export telecommunication equipment to Africa for projects in Zimbabwe and Burundi, said Xinhua, citing the African bank’s president, Jean-Louis Ekra.

According to officials from the Export-Import Bank of China, the African Export-Import Bank held its 85th Board meeting in Beijing, the first board meeting outside the African member countries. It was meant to promote across the board development of the China-Africa partnership.

ZTE was established in 1985 by a group of state-owned enterprises associated with China’s Ministry of Aerospace. It is publicly traded in Shenzhen and Hong Kong.

Source: Xinhua, September 28, 2010.