China Ex-Im Bank loans $60m to Eritrea for mine
Written by Administrator
Saturday, 17 November 2007
The China Import-Export Bank will lend $60-million to Eritrea so that its State-owned mining firm can buy 40% of a gold mine from Canada's Nevsun Resources, the Ministry of Commerce said on Friday.
Nevsun Resources Ltd. said late last month the Eritrean National Mining Corp. would buy into the Bisha gold mine at fair value.
This is the Import-Export bank's first commercial loan to Eritrea, after it signed a 500-million yuan ($67,36-million) soft loan with the country last year.