The Chinese Export, Import Bank signed a loan agreement of about M210 million with the Government of Lesotho and Telecom Lesotho at Finance Boardroom on Friday.

Dr Timothy Thahane signed on behalf of the Lesotho government, and Chinese Ambassador to Lesotho, Mr. Qiu Bohua on behalf of China while the Chief Executive Officer of Telecom Lesotho Mr. Anthony Carter signed on behalf of his company.

Speaking at the occasion, Dr Thahane thanked China saying the money is the soft loan extended to Lesotho through ZTE Telecom of China.

He added that Lesotho government will receive the money over a period of 20 years with a grace period of five years before re-paying the loan interest fees and only at service charge.

He noted that the Lesotho government will pass the money to Telecom Lesotho at an interest of five percent over the same period and with a grace period of five years.

Dr Thahane said the Chinese government has been supportive of Lesotho's developments over the years, noting that the support has not only covered infrastructure but other sectors including the construction of the National Convention Centre, Parliament, and the National Library.

China has also contributed in various forms of trainings to Basotho children, he said, adding that it has (China) also assisted in building two schools involving high tech component.

At the same occasion, Mr. Bohua expressed hope that the money will assist in the extension of Telecom operations in Lesotho while also benefiting the nation.

He pledged continued support towards the development of Basotho and Lesotho.

Mr. Carter extended gratitude to the government of China and Lesotho for the money that will further advance and develop Telecom Lesotho adding that they belief that communications can have a huge impact on the ability of the country to develop.

'We will be building what we call the next generation, which is the second in Africa and it will take Lesotho right to the edge of communications technology and provide very liable and high speed data capability throughout the country,' he said.

He further indicated that the company will be putting more wireless capability in the city centres and rural areas.

Source: LENA 09/05/2008