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The list of countries with multibillion-dollar, Chinese-backed projects is growing longer, with Mozambique the latest country to receive a golden handshake. In late May, China Exim Bank announced US$2.3 billion in loans for the Mphanda Nkuwa dam on the Zambezi River, a project that will be carried out by Brazilian and Mozambican interests rather than Chinese. The project is led by the Brazilian construction company Camargo Corrêa, Electricidade de Moçambique and Energia Capital. China Exim Bank decided to take part after attempts to involve the European Investment Bank and the World Bank proved unsuccessful.
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