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dam-l China funds Zimbabwe dam
China grants Zimbabwe Z$420 mln
> to boost exports
> 08:01 a.m. Jul 31, 1998 Eastern
>
> HARARE, July 31 (Reuters) - China on
>Friday
> granted Zimbabwe Z$420 million ($22
>million) in
> grant and credit aid to finance export
>development in
> the southern African country.
>
> An agreement signed on Friday by
>Chinese Foreign
> Trade and Economic Cooperation Deputy
>Minister
> Sun Guangxiang and Zimbabwe's Deputy
>Finance
> Minister Misheck Chinamasa says Z$400
>million
> will be concessional credit to be used
>to fund export
> projects.
>
> Maturing over 15 years, the facility
>will carry an
> annual interest rate of three percent.
>
> ``The facility will enable Zimbabwean
>business
> people to consider China as a
>potential trade and
> investment partner and lay the
>foundation for a
> sustainable commercial relationship,''
>Chinamasa
> said at the signing ceremony.
>
> Half of the balance of Z$20 million
>will be used to
> complete a dam being built by Chinese
>contractors in
> southern Zimbabwe while the rest will
>be used for
> projects to be agreed on.
>
> Zimbabwe official figures show that
>trade between
> China and the southern African state
>rose 10 percent
> to $102.75 million in 1997, and that
>Chinese
> companies have been involved in
>construction,
> textile and steel projects in the
>country over the last
> 18 years.
>
> ((Godfrey Mutizwa, Harare newsroom:
>+263-4 72
> 52 27/8/9))
>
>
> Copyright 1998 Reuters Limited. All rights
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>shall not be
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>content, or for
> any actions taken in reliance thereon.
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>==============================================
> Susanne Wong
> International Rivers Network
> 1847 Berkeley Way, Berkeley, CA 94703 USA
> Tel: 1.510.848.1155 ext 316 email: swong@irn.org
> Fax: 1.510.848.1008 web: www.irn.org
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Lori Pottinger, Director, Southern Africa Program,
and Editor, World Rivers Review
International Rivers Network
1847 Berkeley Way, Berkeley, California 94703, USA
Tel. (510) 848 1155 Fax (510) 848 1008
http://www.irn.org
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