re: perhaps this triggered it... info received from my broker today regarding chinese and mauritanian funding. China Exim Bank, Mauritania Sign Up To $3B Loan -Official
(This article was originally published Saturday.)
BEIJING (Dow Jones)--Mauritania signed a deal last month for up to $3 billion in loans
from Chinese policy lender Export-Import Bank of China, an official from Mauritania said
Saturday.
Export-Import Bank of China will send teams to Mauritania over the next two-to-three
months to look at potential development projects, said Mohamed Ould El Abed, Minister for
Economic Affairs and Development.
"Iron and oil will be the guarantee for this agreement," Abed said.
China's policy banks often make loans to African countries hoping to give Chinese
firms preferential treatment in access to natural resource projects.
China National Petroleum Corp. (CNPC.YY), or CNPC, China's largest oil producer by
output, has kicked off drilling programs in Mauritania and Niger in recent weeks.
Abed didn't elaborate further.
Export-Import Bank of China is one of the country's three policy banks and a major
provider of overseas financing.
African leaders and businessmen are in Beijing for a three-day summit to cement
diplomatic and trade ties.
A strategy of offering soft loans and aid to poor nations has enabled China to muscle
past Western rivals in the race for some of Africa's energy assets.
-By David Winning, Dow Jones Newswires; 8610 6588-5848; [email protected]
-Edited by Ryan Woo
(END) Dow Jones Newswires
November 05, 2006 18:53 ET (23:53 GMT)
Copyright (c) 2006 Dow Jones & Company, Inc.
Monday 06 November 2006 10:53:43:360 AEST
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