Africa loan boosts ZTE
African Export-Import Bank has offered $56.4 million (€41.4 million) in loans to ZTE to help it sell its equipment to African telcos.
The loans are part of a $100 million credit line from the China Export-Import Bank (China Eximbank) granted to the Cairo-based bank to fund imports of Chinese capital equipment and provide trade finance, China Eximbank said.
Afreximbank chief Jean-Louis Ekra said the loan would be used to fund “the banks clients in Mauritius for telecom projects in Zimbabwe and Burundi,” China Daily reported.
The $100 million credit line was sealed last year, with $20 million allocated to short-term trade finance and $80 million to support the purchase of Chinese capital goods and services over seven years.
ZTE has already lined up $25 billion from the China Development Bank and the China Exim Bank to finance sales of its gear to developing market operators.