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Eximbank Provides Soft Loans for Zinc Project
The China Export and Import Bank (Eximbank) Saturday signed a soft loan agreement with the China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (NFC) for developing a zinc mine in Mongolia.
The 170 million yuan in soft loans will be used to finance the construction of a zinc mine, a joint venture between NFC and the Mentalimpex from Mongolia. With a total investment of US$42.2 million, the project is expected to produce 68,000 tons of zinc concentrate a year after completion.
As the largest Chinese-funded mine in Mongolia, the project will help promote the export of equipment from China and create job opportunities in Mongolia.
A spokesman for Eximbank said that since the Chinese government reformed its foreign-aid policies in 1995, the Eximbank, as the managing bank of the government's soft loans to foreign countries, has adopted effective measures to encourage domestic enterprises to expand into overseas markets.
So far, Eximbank has provided soft loans to 70 projects in 36 developing countries.
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