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Vol 48 No 11

Published 25th May 2007

Year of the Pig - the new scramble for Africa

Deputy Governor of the People's Bank of China Xiang Junbo explained that this is the Year of the Pig in the Chinese calendar, a symbol of fortune and good luck. For many of the 2,000 African delegates in Shanghai who heard him, that is starting to ring true.

The revelation by African Development Bank President Donald Kaberuka that the China Exim Bank, the country's official export credit agency, has agreed to finance projects worth some US$20 billion over the next three years, will make China Exim the biggest single financing agency in Africa in that period.

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