The Shanghai branch of the Export-Import Bank of China (Exim Bank) signed an agreement with the department of finance of Djibouti to provide buyer's credit for a railway electric power project on Monday.
According to the agreement, the loans will be used to support the construction of electric facilities for the railway between Djibouti and Ethiopia. The project will be built by Shanghai Electric Group's subsidiary Shanghai Electric Power T&D Group. Li Li, director of the Shanghai branch of the Exim Bank, said the bank would provide lending support for key projects of Sina-Africa cooperation to facilitate export of Chinese technology, equipment building and management experience.
The Exim Bank's headquarter has provided 85 percent funding for the Ethiopia-Djibouti railway project, which is expected to be completed by the end of 2015.
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