A signing ceremony for the financing of the Tanzania-Zambia (TAZARA) Railway revitalization project was held in Beijing on Sept 24. 

Bank of China, acting as one of the lenders and the agent bank, participated in the signing of the cross-border syndicated loan agreement in the amount of RMB 6.96 billion. The loan will be specifically used for the systematic upgrade and modernization of the TAZARA Railway, marking another breakthrough in China-Africa financial cooperation and the international use of the RMB.

Upon completion, the revitalization project is expected to boost the TAZARA Railway's freight capacity to 2.4 million tons annually, while cargo transport time could be reduced by nearly two-thirds, thereby enhancing economic connectivity in the region.

The TAZARA Railway revitalization project exemplifies BOC's effort to support infrastructure development and financial cooperation between China and Africa. In recent years, the bank has participated in the Belt and Road Initiative to support financial connectivity between China and Africa, leveraging its institutions in 45 Belt and Road partner countries and regions.

Supporting Chinese construction projects overseas

In early 2026, the first shipment of nearly 200,000 tons of top-grade iron ore from the Simandou iron ore mine in Guinea arrived in China, marking the "super mine" with a total investment of more than USD 20 billion entering the global trade system. 

From the project's commencement in 2024 to the successful delivery of the first shipment of ore, BOC used its service mechanism with global expertise accessible at any point of contact to coordinate domestic and overseas resources, quickly engaging with the client, securing project approvals, and finalizing agreements to meet the project's construction financing needs. It also provided comprehensive services, including domestic and overseas account services, foreign exchange settlement and sales, cross-border RMB services, overseas payroll services, and letter-of-credit settlement, to support the project's production and operations.

Promoting sustainable development

In 2024, a contract was signed for the Oasis 1 battery energy storage systems project, tendered by the South African government and to be built by a Chinese company. Once completed, the project will store 1,000 megawatt-hours of electricity, meeting the daily needs of approximately 100,000 households. As the credit guarantor, BOC issued a performance guarantee to the project owner in line with South African market practices to secure the contractor's performance. This helped ensure the contractor receive advance payments and proceed with construction, while mitigating the project owner's risks and enhancing the professional image of Chinese companies in international projects.

Expanding the international use of RMB

As the first Chinese-funded commercial bank to enter Africa, BOC has been deeply rooted in the African market for nearly 30 years, establishing branches in eight African countries. It has been authorized by the People's Bank of China as the RMB clearing bank in South Africa, Zambia, and Mauritius. BOC's RMB services have covered more than 20 African countries, and the bank leads the African market in the number of direct and indirect participants in the Cross-Border Interbank Payment System (CIPS). As the lead underwriter, BOC helped Egypt and the African Export-Import Bank successively enter China's panda bond market, facilitating the first Panda Bond issuance by an African issuer.

Bank of China will continue to function as the main channel of cross-border RMB services, enhancing its financial service capabilities to make greater contributions to China-Africa cooperation across multiple fields and high-level opening-up.