Chinese bank partners with UBA

Posted on: Thu, 01 Nov 2007


The CDB is primarily responsible to raise funding for large Chinese infrastructure projects. It expects the deal to increase its ability to finance such projects on the African continent.

China wants to invest in Africa in order to secure the oil and minerals it needs for fueling its rapid growing economy.

UBA chief executive, Tony Elumelu, said the partnership will give them access to an enormous amount of capital to execute projects. He hopes to reach an agreement with the CDB before the end of March to finance a power project to ease Nigeria's electricity supply problems.



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