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(TALKZIMBABWE) China pledges more aid to Zimbabwe

China pledges more aid to Zimbabwe
By: TH-TZG
Posted: Thursday, August 12, 2010 11:06 pm

President Mugabe delivers atspeech at Zimbabwe's Expo day at the World Expo 2010 in Shanghai on August 11, 2010. He thanked China for its steadfast support as he visited the World Expo and called for help reviving the country's economy. AFP

OFFICIALS from China’s two main banks — the China Development Bank and China Exim Bank — have expressed their willingness to continue supporting development efforts in Zimbabwe.

This news was announced at a meeting between President Mugabe and his delegation and senior banking officials in the Province of Anhui yesterday morning at the Anhui Foreign Economic Construction (Group) Co headquarters.

Chinese Ambassador to Zimbabwe Mr Xin Shunkang conveyed a message from chairman and president of China Exim Bank Mr Li Rougu, who said the institution would continue backing Zimbabwe’s development programmes on a win-win basis.

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China Exim Bank, a fully government-owned bank under the leadership of the State Council, was established in 1994 as a policy institution enjoying the same international ratings as China’s sovereign ratings.

"Our commitment to you, Your Excellency is, please set your mind at ease.

"We shall contribute to your economic development.

"Unfortunately China Exim Bank president Mr Li cannot be here today and tomorrow since he has to attend a State meeting in Beijing.

"(But) he said that he will continue support to open loans as long as you co-operate with China," Ambassador Xin said as he introduced an envoy from China Development Bank president, one Mr Jiang, to deliver a message from his boss.

Said Mr Jiang: "On behalf of Mr Chen Yuan, chairman of China Development Bank, I would like to extend our warm welcome to Your Excellency.

"The China Development Bank is willing to provide assistance in your economic development process.

"We would like to send some Chinese experts to your country to discuss development projects in your mid- to long-term plan so as to identify which industry is most in need."

The Mid-Term Plan, Zimbabwe’s overall national economic development strategy for 2010 and 2015, has targeted to achieve US$9 billion Gross Domestic Product within the next five years.

Mr Jiang said China Development Bank was arranging a package to finance all necessary projects and would introduce some appropriate Chinese investors to partner Zimbabwe in the projects.

"If Your Excellency is agreeable, we will send a delegation of Chinese experts to your country as soon as possible," Mr Jiang said.

China Development Bank is also a full government bank under the direction of the State Council and responsible for raising funding for large infrastructure projects.

The two banks’ pledges follow President Mugabe’s call to investors on Wednesday night to explore the vast opportunities available in Zimbabwe, particularly in infrastructure development, which he said was integral to economic development.

The President, who was addressing Zimbabwean and Chinese businesspeople at a State banquet held at the end of the Zimbabwe National Day celebrations at the ongoing Shanghai Expo, assured investors that Zimbabwe was committed to maintaining macro-economic stability by keeping its economy on the growth path.

President Mugabe and his delegation leave for Beijing today, where he is expected to hold talks with President Hu Jintao.

Labels: CHINA, HU JINTAO, ROBERT MUGABE

posted by MrK @ 4:45 AM