The Export Import Bank (ExIm) of China has granted a soft loan of US$50 million to Timor-Leste (East Timor) for expansion and modernisation of the Dili sewage system, the Timorese Ministry of Finance said.
In a statement, the Ministry of Finance also said the contract was signed on 18th December by Finance Minister Santina Cardoso and the Chinese ambassador to Timor-Leste, Liu Hongyang, representing the state bank.
The loan granted by the Chinese bank has a 2 percent interest rate over 20 years, a grace period of five years and a maturity of 20 years, and its conditions are quite favourable, as it includes a donation equivalent to 27.76 percent of its value.
At the signing ceremony, the minister said the loan would significantly help to improve urban development and quality of life in Dili. (macauhub/CN/ TL)