The government lined up a Chinese company to build a big new dam, but then balked at what the president called "unfriendly" financing conditions demanded by China's Eximbank.
Eximbank supplied a $2 billion low-interest loan to help China's oil companies build infrastructure in Angola.The axis of statismTrotsky always insisted on the impossibility of "socialism in one country".
In the kingdom of Tonga, two-thirds of its external debt is owed to Eximbank, China's foreign-aid bank, alone.
China Eximbank cancelled a loan for a dam in Gabon on environmental grounds.
Since 2002, China's Eximbank has lent Angola $4.5 billion.
(Recently, to EU fury, it got a huge contract, with no competitive bidding process, in would-be EU member Romania, for a motorway, to be financed partly by America's Eximbank).
And government bodies such as Eximbank, China's foreign-aid bank, have made no bones about their enthusiasm for tying foreign aid to commercial advantage.
Under a deal last year, it raised money from America's Eximbank to hire Halliburton, an oil-services company, to help manage the Samotlor field.
He can impose at least two out of six available sanctions (these include barring offenders from getting American government contracts, export and import licences, and access to Eximbank assistance or private loans of more than $10m).
Countries that expected cancellation of new concessional loans from China's Eximbank, export credits, or commercial loans were disappointed.
