Niger obtains $1 bln dollar loan from China Eximbank

NIAMEY (Reuters) - Niger has obtained a $1 billion loan from Export-Import Bank of China, the West African nation's planning minister said on Monday, without giving details of project allocations. Amadou Boubacar Cisse said the credit facility with China Eximbank was negotiated in accordance with Niger's programme with the International Monetary Fund. "We have negotiated and obtained from Eximbank of China a loan of $1 billion, or about 500 billion CFA francs," Cisse said in a statement. He said the loan was obtained on favourable terms for Niger and will be paid over 25 years, deferred for eight years. He did not say how much interest Niger will be paying. Niger is a major uranium miner and began pumping oil in 2011 but remains one of Africa's poorest nations. It has attracted significant investment from China National Petroleum Corporation (CNPC) which plans to spend 100 billion CFA francs constructing roads in eastern Niger. The loan will be repaid with funds from Niger's share of a joint-venture oil operation with CNPC at the Agadem field where they have a production and sharing contract, Cisse added.