China Eximbank provides $6.7 million loan for Textile Industrial Park Construction Project

China Eximbank provides $6.7 million loan for Textile Industrial Park Construction Project In 2008, China Eximbank provided a $6.7 million loan to the Yuemei Group (or Zhejiang Yuemei Group Co., Ltd.) for the construction of a textile industrial park in Nigeria.

In 2007 and 2008, the Yuemei Group invested more than $50 million to construct the Yuemei-Nigeria Textile Industry Park — China’s first overseas textile industrial park — with a complete production chain of spinning, weaving, embroidery, knitting, and garment making. The proceeds of the China Eximbank loan were used to support this investment.

By 2009, five textile firms had moved into the industrial park and employed an estimated 1,000 local workers. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.