Two Chinese Banks agree to Finance Three Projects in Mozambique


$165 million has been put together by two Chinese banks to help finance three projects in Mozambique . This was according to a statement by Prime Minister Aires Ali, the Agencia de Informacao de Mocambique reported today.

$65 million of this amount will be disbursed by the Export-Import Bank of China, the Maputo-based state-run news agency reported Ali as saying yesterday. The Prime Minister is on a five-day official visit to China.

The Chinese Bank for Development will provide $80 million for the construction of a new cement plant in the central province of Sofala, with capacity to produce 500,000 metric tons per year. It will also grant $20 million to finance a cotton- processing plant in Magude, in the southern province of Maputo.

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1 comment

  1. Randy River

    People have to remember though China is really tough on people who are caught up in corruption and such. China has the death penalty for you if they catch you involved in corruption. As long as everyone is fully aware of the consequences when you think you can be corrupt when you deal with the Chinese.

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