Chinese Export-import Bank Funds Lesotho's Telecom Projects

The Chinese Export, Import Bank has signed a loan agreement of nearly US$30 million with the Lesotho government and Telecom Lesotho in Maseru on Friday, to assist in the extension of TelecomÃ's operations in the country.

Lesotho Finance Minister Timothy Thahane signed on behalf of the government and the Chinese ambassador here , Qiu Bohua, signed the deal on behalf of his government, as Chief Executive Officer of Telecom Lesotho , Anthony Carter, penned the accord on behalf of his company.

Thahane thanked China for the loan, saying the money is a soft loan extended to Lesotho through the ZTE Telecom of China.

"the Lesotho government will receive the money over a period of 20 years with a grace period of five years before re-paying the loan," he said.

Telecom Lesotho is the only company offering landline telecommunications in the country.

Posted to the site on 9th May 2008