China Eximbank pledges loan for Bélinga Iron Ore Project

China Eximbank pledges loan for Bélinga Iron Ore Project On April 21, 2005, China Machinery Engineering Corporation (CMEC) announced plans to make a $3 billion infrastructural investment in Gabon — involving the construction of a new 560 km railway line linking Bélinga to the Transgabonais, a deepwater mining port at Santa Clara, a hydroelectric dam, and a steel mill — in exchange for exploration rights to the Bélinga iron ore mine.

Then, in 2006, the Gabonese government granted a Chinese consortium led by China National Machinery and Equipment Import Export Corp (CMEC) the right to develop the Belinga iron ore mine, which is reportedly the largest known untapped deposit of iron ore in the world. 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.