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.

Two of the instruments of subjagation of the Western Powers are crumbling. The World Bank and the IMF were two of the instruments of Western Powers used to manupulate the economies of developing countries to serve the needs of the Western Powers. Those ald powers were so greedy that they not only made economic progress in developing countries impossible but they also made life unbearable by inciting and fueling instability and corruption.

Now times are chinging, China is lending developing countries any amount of money with almost no string attached. The need for IMF and World Bank is no more there. Latin American countries have already kicked IMF and World Bank out of the continent, thanks to Hugo Chave and others who have initiated a Bank of their Own to lend their neighbours with little Interest.

Iran and Venzuala are also setting-up other Banks that can serve the developing countries. This is causing shiver on the blood-sucking Anglo-Americans.