Chinese bank to support Malawi with $2bn

  1. Posted on Monday 12 July 2010 - 15:48
    Mtheto Lungu
    Image of Mtheto Lungu
    Mtheto Lungu, AfricaNews reporter in Lilongwe, Malawi
    Malawi may soon find itself a beneficiary to $2 billion to finance agriculture, mining, manufacturing, energy and other projects. The China Import and Export Bank said during its 10-man strong visit to the country.
    malawi map
    Li Wen, deputy general manager for the bank, said the team was in the country to find 'through you' projects which it can invest in.

    "We have come here to know Malawi business ventures and establish lines of communication. Malawi has already benefitted a US$25 million integrated cotton production and processing company in Balaka through us," he explained.

    The bank, added Wen, has US$1 billion funding from the Chinese government to finance viable Chinese business investments in Africa.

    The China Development Bank also revealed it has a US$1 billion funding to support small and medium scale enterprises development in Africa.

    "We are now in the process of exploring projects to support and Malawi is part of our focus," said Li Min, manager for international cooperation.

    Trade between Malawi and China has gone up four times to an estimated US$80 million from US$25 million in 2004.

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