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Zimbabwe on track to secure more Chinese funding

Staff writer |
Zimbabwe's Finance Minister Patrick Chinamasa said that Zimbabwe is on track to secure more Chinese funding to bankroll infrastructure projects.

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The government is working to facilitate private firms, not just big state firms, to tap into that resources with bankable projects.

Mr. Chinamasa made the comments at a business forum held after agreements on "mega-projects", as he described, were signed by Zimbabwe and China during President Robert Mugabe's visit to China.

"There is appetite to do business in Zimbabwe on the basis of a concrete political friendship between the two countries," Mr. Chinamasa said. "So we want to exploit that friendship commercially."

Mr. Chinamasa said the Zimbabwean government had agreed with China's state insurer China Export and Credit Insurance Corporation, SINOSURE, on a framework that will enable Zimbabwe's private sector to access funding from both state and non-state Chinese financial institutions, including the Export and Import Bank of China (China Exim Bank), China Development Bank, and Industrial and Commercial Bank of China.

A delegation from Sinosure was expected in Zimbabwe next week to follow up on the issue, the minister said.

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