Zimbabwe, China seal new $213 million deal

Zimbabwe, China seal new $213 million deal
Published: 07 December 2017 (291 Views)
The People's Republic of China yesterday extended a $153 million loan facility to Zimbabwe for the upgrade of the Robert Gabriel Mugabe International Airport, as the two countries continue to deepen their bilateral relationship.

The Asian giant also announced two grants for the construction of the New Parliament Building in Mount Hampden, including the High Performance Computing Centre being constructed at the University of Zimbabwe, taking the total to $213 million.

The loan and grants will be administered through the Export-Import Bank of China.

Finance and Economic Development Minister Mr Patrick Chinamasa and Chinese Ambassador to Zimbabwe Huang Ping signed the deal in Harare yesterday on behalf of the two Governments.

The $153 million loan, which carries a concessionary two percent interest rate, is payable over 20 years.

It also has a seven-year grace period.

Minister Chinamasa said Government expects the upgrading of the airport to boost tourist arrivals as is the case with the Victoria Falls Airport, which is experiencing a spike in arrivals after the completion of the refurbishment exercise.

"The Government of the People's Republic of China also gave support to the people of Zimbabwe during the liberation struggle," said Minister Chinamasa.

"On the attainment of independence, we elevated the level of cooperation to economic. It is this relationship that we are all gathered this morning to witness.

"Let me also hasten to say that Zimbabwe has in the past received support targeting various projects in education, agriculture, energy, transport and communication. We remain thankful," he said.

Funding for the projects was first announced after the State visit by Chinese President Xi Jinping in 2015.

"As you may be aware, this support springs from the State visit by his Excellency Xi Jinping on 1 December 2015, where he pledged to support the construction of a new Parliament. The new Parliament building will accommodate 650 members with room for expansion," he said.

Ambassador Huang Ping said the Chinese are proud to be partnering Zimbabwe at this crucial socio-economic stage.

"It is my great honour to come and sign these three agreements on behalf of my government together with Honourable Minister Chinamasa, representative of the Government of the Republic of Zimbabwe, at this juncture of Zimbabwe's socio and economic development."

He added that China, as an all-weather friend, will continue to support the Zimbabwean Government "through thick and thin".

"We have a very good traditional friendship, we want to strengthen this good relationship and expand our cooperation to all the sectors," he said.

- chronicle

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

GNU the way out for Zimbabwe

by William Gumede | 15 August 2018 | 260 Views

Can you do Zanu and God together?

by Ryton Dzimiri | 15 August 2018 | 149 Views

The people have spoken Zanu must go

by Zenzo Siziba Poltical Analyst and Activist | 15 August 2018 | 207 Views

A farewell to factual journalism (now extinct)

by Jonathan Matika | 15 August 2018 | 90 Views

Zimbabweans caught with stolen bukkie wrapped in 'snacks' in SA

by Ndou Paul | 15 August 2018 | 204 Views

'Job Sikhala bedded my wife'

by Staff reporter | 15 August 2018 | 206 Views

Mnangagwa's lawyers file opposing papers

by Staff reporter | 15 August 2018 | 115 Views

Biti challenges trial by Zimbabwe courts

by Staff reporter | 15 August 2018 | 129 Views

Chamisa's Presidential petition analysed

by Brighton Matebuka. | 15 August 2018 | 297 Views

New Zealand bans most foreigners from buying homes

by AP | 15 August 2018 | 152 Views

'Chamisa's challenge 'has no legal merit''

by AP | 15 August 2018 | 187 Views

WATCH: Mnangagwa clearly running scared

by youtube | 15 August 2018 | 398 Views

Mathuthu burial set for Sunday

by Staff reporter | 15 August 2018 | 106 Views

'Mnangagwa chosen by God'

by Staff reporter | 15 August 2018 | 127 Views

Mugabe ally remanded to August 27

by Staff reporter | 15 August 2018 | 130 Views

Apostolic churches endorse Mnangagwa

by Staff reporter | 15 August 2018 | 127 Views

Barclays drags employee to court

by Staff reporter | 15 August 2018 | 135 Views

Bosso fans plan massive roadshow

by Staff reporter | 15 August 2018 | 106 Views

Mnangagwa consoles families of political violence

by Staff reporter | 15 August 2018 | 72 Views

Oskido fails in Kwekwe

by Staff reporter | 15 August 2018 | 97 Views

'Let's pray for Mnangagwa, Zimbabwe'

by Staff reporter | 15 August 2018 | 86 Views

Head-on crash kills three year-old girl

by Staff reporter | 15 August 2018 | 78 Views

JB Matiza commends Zanu-PF supporters

by Staff reporter | 15 August 2018 | 70 Views

Gweru typhoid death toll rises

by Staff reporter | 15 August 2018 | 75 Views

MDC Alliance slammed over sanctions

by Staff reporter | 15 August 2018 | 77 Views

Upgrading of border posts systems hailed

by Staff reporter | 15 August 2018 | 62 Views

Matanga warns unbecoming officers

by Staff reporter | 15 August 2018 | 68 Views

So far, signs not pointing to investor interest

by Tatira Zwinoira | 15 August 2018 | 104 Views

Mnangagwa ordered to stop meddling in judicial affairs

by Staff reporter | 15 August 2018 | 99 Views

Zimbabwe Defence Forces defend territory

by Staff reporter | 15 August 2018 | 49 Views

Siblings jailed 55 years each for housebreaking

by Staff reporter | 15 August 2018 | 32 Views

Resident petitions council over 24-hour clinics

by Staff reporter | 15 August 2018 | 33 Views

Are African elections only free, fair when opposition wins?

by newsday | 15 August 2018 | 108 Views