Zimbabwe, China seal new $213 million deal

Zimbabwe, China seal new $213 million deal
Published: 07 December 2017 (143 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

Zesa workers demand 75% salary raise

by Staff reporter | 23 January 2018 | 54 Views

Duty on fuel reduced

by Staff reporter | 23 January 2018 | 54 Views

Chivayo deals: Heads to roll at Zesa

by Staff reporter | 23 January 2018 | 51 Views

Queen seeking to reconcile Britain with Zimbabwe

by Staff reporter | 23 January 2018 | 68 Views

Cop acquitted of Charamba insult

by Staff reporter | 23 January 2018 | 60 Views

Man loses $100,000 cash to robbers

by Staff reporter | 23 January 2018 | 62 Views

Chiefs' cars not vote-buying

by Nick Mangwana | 23 January 2018 | 41 Views

Zesa insolvent, expects increased loss

by Staff reporter | 23 January 2018 | 44 Views

2 new opposition parties unveiled

by Staff reporter | 23 January 2018 | 38 Views

No electric train for Bulawayo, but Mutare-Harare on cards

by Staff reporter | 23 January 2018 | 43 Views

Mnangagwa to name Zanu-PF's elections directorate

by Staff reporter | 23 January 2018 | 43 Views

Mzembi, Undenge back in court

by Staff reporter | 23 January 2018 | 39 Views

Merlin readies to resume production

by Staff reporter | 23 January 2018 | 33 Views

New war vets association on the cards

by Staff reporter | 23 January 2018 | 41 Views

Bus war kidnap drama

by Staff reporter | 23 January 2018 | 48 Views

D-day for Maphepha

by Staff reporter | 23 January 2018 | 37 Views

Charamba denies clips on social media

by Staff reporter | 23 January 2018 | 51 Views

Headmaster collapses, dies

by Staff reporter | 23 January 2018 | 85 Views

Scramble to meet Mnangagwa at World Economic Forum?

by Staff reporter | 23 January 2018 | 55 Views

'Zisco debt must be audited'

by Staff reporter | 23 January 2018 | 40 Views

Beitbridge border post ceiling collapses

by Staff reporter | 23 January 2018 | 26 Views

Heads to roll at Zesa

by Staff reporter | 23 January 2018 | 30 Views

Bulawayo Bomber to face Knife

by Staff reporter | 23 January 2018 | 49 Views

Midget poses as goblin

by Staff reporter | 23 January 2018 | 25 Views

Minister sues Hwange Colliery

by Staff reporter | 23 January 2018 | 23 Views

Wicknell's woes mount

by Staff reporter | 23 January 2018 | 33 Views

Chihuri fingered in fake spot fine books scam

by Staff reporter | 23 January 2018 | 57 Views

Mnangagwa, Zhuwao face off in Davos

by Staff reporter | 23 January 2018 | 84 Views

Mnangagwa fires State House director

by Staff reporter | 23 January 2018 | 25 Views

Robert Mugabe University plans shelved

by Staff reporter | 23 January 2018 | 27 Views

'Mnangagwa must pardon political convicts'

by Staff reporter | 23 January 2018 | 19 Views

Mnangagwa to hold mass mobilisation rallies

by Staff reporter | 23 January 2018 | 25 Views

Pizza Hut to open first outlet in Zimbabwe

by Staff reporter | 23 January 2018 | 35 Views

Unstable Zimra systems affect operations

by Stephen Jakes | 23 January 2018 | 20 Views

Dry spell renders crops in Matabeleland South a write off

by Stephen Jakes | 23 January 2018 | 21 Views

There is a solution for every problem or every problem has a solution

by Belinda Chowa | 23 January 2018 | 33 Views

Mnangagwa will win Nobel Award if he delivers

by Stephen Jakes | 23 January 2018 | 45 Views