CEXIM Financing Support for the Largest Joint Venture Project between China and Ecuador
On May 14, President Isaias Afwerki of the State of Eritrea paid a state visit to China. Eritrea, located in the northeast of Africa and adjacent to the Red Sea, is an important country in the Horn of Africa region and also a country along the "the Belt and Road". On May 24th, China and Eritrea will celebrate the 30th anniversary of the establishment of diplomatic relations.
In February of this year, CEXIM Sichuan Branch led the formation of a consortium to support the largest joint venture and cooperation project between China and Ecuador - the Asmara Mining Co., Ltd. (Sino Ecuador Joint Venture) copper gold polymetallic mine development project. The total investment of this project exceeds 500 million US dollars, and the total amount of syndicated loans is 260 million US dollars. After the project is completed and put into operation, it is expected to create approximately $350 million in GDP per year for Ecuador (15% of its current GDP), create nearly 10000 job opportunities, and greatly enhance the industrialization level of Ecuador and promote economic and social development. Since the start of the project construction, it has been highly praised by the Eritrean government and people.
In order to ensure the smooth disbursement of loan funds for the project, Sichuan Provincial Branch took the lead in coordinating all parties, friendly negotiations, and formed the optimal syndicated credit plan, successfully achieving loan disbursement. The implementation of the project not only strongly promotes Chinese enterprises to "go global" and enhance their international competitiveness, but also further consolidates the traditional friendship and cooperation between the Chinese and African people and promotes the common development of the "the Belt and Road" countries.
In the future, Sichuan Provincial Branch will continue to leverage its policy based financial expertise to further support China's subsequent investment projects overseas and promote greater economic and trade cooperation with countries around the world.
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