17 May 2017

Uganda: Exim Bank, CCCC in Billion Dollar Deal

China's Export-Import bank, a key financier for a number of huge projects in Uganda, such as the Karuma power dam, has signed an agreement that will further deepen its financial war-chest.

The Export-Import Bank of China has signed a strategic cooperation agreement with China Communications Construction Company Ltd worth RMB200 billion - nearly $200 billion - in Beijing, to establish a closer bank-enterprise strategic partnership.

China Communications Construction Company is the company building the Kampala-Entebbe expressway. During the signing ceremony, Liu Qitao, the chairman of CCCC, thanked the Export-Import Bank of China for its support towards CCCC. He said the two institutions have worked closely in a number of projects over the recent years.

According to a statement from the signing ceremony, "CCCC will strive to play a more important role in the implementation of major national strategies and national economic development, and further shoulder the responsibilities of the state - owned enterprises under the support of Export-Import Bank of China."

Hu Xiaolian, the chairman of China Import-Export Bank, in the statement, said the bank will exercise the functions of policy-lender to ensure that CCCC's impact in the countries where it operates is positive. The bank, according to the statement, will also give CCCC financial support on some of the projects in China.

"The strategic agreement is a result of Exim Bank of China's focusing on serving the national strategy and supporting the openly domestic economic construction, which propels CCCC to deepen its foreign economic and trade investment as well as international economic cooperation," the statement noted.

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