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Eximbank Finances Albanian Hydropower Project
The Export-Import Bank of China (China Exim Bank) has pledged to provide buyer's credit worth more than US$100 million for a hydropower plant in Albania.
China Exim Bank and the Albanian Ministry of Finance signed an agreement in Beijing Thursday.
"It is the largest export buyer's credit loan contract ever signed between China and Albania," a spokesman with the bank said.
The loan will be used to fund the Bushat Hydropower Station, to be built by China International Water & Electric Corp, the spokesman said.
The hydropower plant, which will incorperate two generators each with a capacity of 40,000 kilowatts, is designed to generate 360 million kilowatt hours of electricity a year after completion.
"The project will not only help the two countries increase their friendship, but will also help the Chinese side to increase exports and the Albanian side to ease the regional shortage of electricity," the spokesman said.
As China's primary export credit institution, China Exim Bank has always given a large amount of attention to supporting the export of electronics and machinery products, complete sets of equipment and high-tech products, the spokesman said.
China Exim Bank President Yang Zilin earlier said that his bank would issue 42 billion yuan (US$5.1 billion) through various kinds of loans for Chinese exporters in 2001.
By the end of 2001, Exim's outstanding loans are expected hit 73.5 billion yuan (US$8.9 billion), Yang claimed.
While continuing to support the country's export of machinery products and high-tech products, he said, the bank will also try to provide high quality and efficient financial services for Chinese companies which invest in foreign countries.
Yang said the bank will expand loan services to these companies which engage in processing trade or contract projects in foreign countries, he said.
The bank also plans to support Chinese companies to contract projects or engage in resources exploration and manufacturing business in countries for which the Chinese government provides preferential loans, he said.
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