China foreign investment continues
China’s Exim Bank on Tuesday pledged $47.7 million to Montenegro for the European nation to build a new merchant fleet, according to an Associated Press report.
The agreement calls for Montenegro to pay back the loan in 15 years, with a five-year grace period and a fixed interest rate of 3 percent, the report said.
Montenegro's transport minister indicated the money would be used to buy two ships, to be made in China and delivered to Montenegro within two years. Montenegro has no merchant ships, as its fleet has deteriorated over a war-torn two decades between the Balkan states.
China is making financial forays into a host of developing markets around the world, with many investments concentrated in Africa. A Financial Times report Monday said China has invested $700 million in a special economic zone in Mauritius, an island nation off the coast of east Africa. The investment is intended to develop Mauritius as a gateway into Africa.
China foreign investment continues
