Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The first refinery in Niger, pictured on November 28, 2011, in Olelewa, run jointly by the state and a Chinese firm/AFP

World

Chinese bank lends Niger $1 billion

The first refinery in Niger, pictured on November 28, 2011, in Olelewa, run jointly by the state and a Chinese firm/AFP

The first refinery in Niger, pictured on November 28, 2011, in Olelewa, run jointly by the state and a Chinese firm/AFP

NIAMEY, Oct 30 – Niger has accepted a controversial $1 billion loan from the Export Import Bank of China (China Exim Bank) to finance development projects, the West African nation’s planning minister said Tuesday.

Repayment of the 25 year loan will start in eight years’ time “thanks to resources from the sale of oil being produced” by China National Petroleum Corporation (CNPC) in the east of the country, Amadou Boubacar Cisse announced.

The agreement, the conditions of which Cisse said were “very favourable”, was signed in China on September 30.

Details were not immediately available, but typically China Exim Bank loans require the borrower nation to allocate work and equipment contracts for the project to Chinese companies.

Niger had not made the deal public until Cisse’s announcement during a press conference on Tuesday.

Opposition figure Hama Amadou criticised the government over the loan in a televised parliament debate on October 19, accusing it of “squandering three years’ worth of oil production” for a “$2 billion Exim Bank” loan, leading to a widespread public outcry.

“There has never been any question of squandering barrels of oil,” Cisse said Tuesday, adding that parliament would have the last say before the deal became effective.

Niger has been producing crude oil since 2011 close to the border with Chad and is also a major uranium miner.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...