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Chinese offer Zambia US$5 billion in mining loans

Zambian President
Rupiah Banda
Lusaka, Zambia — MININGREVIEW.COM — 14 May 2010 – China Development Bank Corporation “’ the largest Chinese state-owned policy bank “’ is to provide US$5 billion (R37.5 billion) in loans to companies involved in the Zambian mining sector.

Revealing this on its Website here, the official Zambia News and Information Service confirmed that the loans would be provided in terms of an agreement signed between the two countries in the Zambian capital.

Zambia’s President Rupiah Banda urged the country’s private companies to work with their Chinese counterparts to access the funds, the state-owned news service said in a report from Livingstone.

China Development Bank president Jiang Chaoliang said the lender was also keen to help Zambia improve its hydro-electric power industry, and to provide financing to small and medium-sized enterprises.