AfDB signs agreement with China Ex-Im

The African Development Bank (AfDB) has reportedly signed a memorandum of understanding (MoU) with China's Export-Import Bank to help finance the development of the AfDB's private sector projects, extending China's involvement in infrastructure development in the sub-Saharan region.

Thierry de Longuemar, the AfDB's vice president of finance, is reported to have claimed at the AfDB's annual conference in Maputo, Mozambique that the new agreement could result in deal flow within one or two years.

The Chinese Export- Bank signed a loan agreement of approximately US$30m with the Lesotho government and Telecom Lesotho earlier this month to assist in the extension of Telecom's operations in the country. The loan will be repaid over the course of 20 years, with a grace period of 5 years.