?China?s EXIM lends more to Sub-Sahara Africa than World Bank?

Export-Import Bank?of China extended?$12.5 billion more in loans to sub-Saharan Africa in the past decade than the World Bank, Fitch Ratings said.?

State-owned EXIM, according to Bloomberg News, lent about $67.2 billion to the world?s poorest region between 2001 and 2010 compared with the World Bank?s $54.7 billion, the ratings ?company said in a report e- mailed from London yesterday.?

?It is estimated that 20 per cent of EXIM bank?s total business volume is conducted with Africa,? Fitch said. ?Angola, Ethiopia, Nigeria and Sudan have been traditional recipients of EXIM loans since the bank?s founding in 1994. However, more recent projects suggest an even distribution across the African continent.??

China has been boosting ties with Africa, as it seeks to secure access to the continent?s raw materials and new markets for its manufactured goods. In return, it has provided African governments with financing to help develop their economies, attaching less stringent loan conditions than institutions such as the World Bank and International Monetary Fund.?

?Absence of political strings, competitive interest rates and flexible repayment schedules compared with Western counterparts, makes China?s loans highly attractive,? Fitch said.?

?For countries dependent on foreign aid, such as Ghana and Mozambique, Chinese loans offer an alternative source of capital against more traditional donor demands, particularly given growing infrastructure needs.??

Source: http://www.thenationonlineng.net/2011/index.php/business/31463-%E2%80%98china%E2%80%99s-exim-lends-more-to-sub-sahara-africa-than-world-bank%E2%80%99.html

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