China’s Exim Bank grants US$72.5 million loan to Mozambique

1 June 2012

The Export Import Bank of China (Exim Bank) has granted Mozambique a loan of US$72.5 million, which will be used to fund construction of the Maputo-Catembe bridge, Mozambique’s Finance Ministry said Thursday in Maputo.

According to the statement, the loan document was signed Wednesday in Beijing by Mozambique’s Finance Minister, Manuel Chang, and by the vice president of the Chinese state bank, Zhu Xinqiang.

Chang has been in Beijing since 25 May heading a delegation that is taking part in the China (Beijing) International Fair on Trade in Services (CIFTIS).

The Maputo-Catembe bridge will link two sides of Maputo bay and the project includes building a road between Maputo and Ponta do Ouro, on the border with South Africa, as well as other facilities.

According to the Mozambican Finance Ministry, the amount loaned by the Chinese bank accounts for 10 percent of the funding needed to carry out the project. (macauhub)