(TALKZIMBABWE) China loans US$950mln to Zimbabwe
China loans US$950mln to ZimbabweMutsawashe Makuvise
Tue, 30 Jun 2009 13:10:00 +0000
CHINA has agreed to give Zimbabwe's inclusive Government a loan of US$950m (£573m) to help it revive the economy, following a trip to the East led by Defence Minister Emmerson Mnangagwa.
The loan comes as Prime Minister Tsvangirai is being criticised for failing to get more support during his recent trip to Western capitals. The announcement was made on Tuesday by PM Tsvangirai.
"The government secured credit lines of almost $950 million from China," Tsvangirai said in a news conference.
PM Tsvangirai, said a three-week tour he conducted of the United States and Europe had yielded pledges totalling more than $500 million in humanitarian aid.
"The amount of assistance that was raised on my visit to Europe and the United States does not reflect the enormous support we will be able to utilise if we are to fulfil all our political obligations," he said.
In watering down criticisms over his failure to raise a substantial amount, PM Tsvangirai said other promises of aid would be fulfilled only when Zimbabwe created a democracy and improved human rights.
A Senior Communist Party of China (CPC) official pledged on Tuesday to continue advancing friendly relations with Zimbabwe.
"We will encourage and facilitate more Chinese companies to seek development in Zimbabwe," said Zhou Yongkang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee.
Zhou told Defence Minister Mnangangwa and his entourage that China would continue to offer help for the country. Mnangagwa, is in China on visit at the invitation of the CPC from June 22 to July 4. As to party-to-party relations, Zhou said the CPC was ready to increase exchanges and cooperation with President Mugabe's Zanu PF party.
"We sincerely hope to see stability in Zimbabwe, and hope the Zimbabwe people constantly improve their livelihood," Zhou said.
Mnangagwa reiterated Zimbabwe's support to China on issues concerning Taiwan and Tibet, and applauded China's support for Zimbabwe over the years.
Fruitful cooperation with China has benefited the Zimbabwean people in the past, Mnangagwa said, adding there is still great potentials for bilateral cooperation in agriculture and other fields.
He expressed the hope that more Chinese firms would invest in his country. The inclusive Government says it needs some $8bn (£4.8bn) to rebuild the country following years of collapse.
posted by MrK @ 4:03 PM
3 Comments:
What I'm curious about is whether or not this massive amount of money will make its way to benefit the people of Zimbabwe, given this government's track record. I won't go into details here, but you can probably get an idea of what I'm talking about at http://www.newsy.com/videos/eastern_influence_in_africa
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