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
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Hu Jintao pledge after Mugabe talks
by Reuters
13/08/2010 00:00:00
PRESIDENT Robert Mugabe on Friday met his Chinese counterpart Hu Jintao, who praised the two nations' "strong and deep friendship" and pledged to boost trade and investment and strengthen political ties. China has been a key international supporter for Mugabe, who is criticised and shunned by the United States and Europe.
"China supports the Zimbabwe government's hard work to restore and develop the economy, and is willing to push forward cooperation in mining, agriculture, infrastructure and other sectors," the official Xinhua agency quoted Hu saying.
Speaking at a meeting in the Great Hall of the People in Beijing, Hu added that China would also explore new forms of economic cooperation and hopped to deepen political ties.
Political backing has not always translated into hard economic benefits for Zimbabwe. A raft of deals totalling $1.3 billion for the building of new coal mines and three thermal stations, signed in 2006, have not yielded results.
But after years of hyperinflation and contraction, the economy has stabilised under a power-sharing government formed last year by Mugabe and his rivals, Prime Minister Morgan Tsvangirai and Deputy Prime Minister Arthur Mutambara, creating a more attractive investment climate.
In May a new $400 million agreement was sealed with China's Sinohydro to expand the Kariba hydro electricity plant -- crucial to a full recovery of the economy as frequent power shortages threaten the key mining and manufacturing sectors.
And in April, China handed over a revamped National Sports Stadium to Zimbabwe after refurbishments costing $10 million.
Mugabe praised China's close attention to ties with Zimbabwe, and said he hoped to see more cooperation in fields from trade and infrastructure to education and healthy.
"We thank China for their long-standing vigorous support and unselfish help to Zimbabwe," Mugabe added.
This year is the 30th anniversary of the establishment of diplomatic ties between the two nations, but China's relationship with Mugabe dates back much further to when he was a leader in the liberation movement against white-minority rule.
Hailed as a saviour by fanatical supporters and praised throughout Africa for standing up to what many see as bullying by the West, Mugabe is hated in equal measure by opponents who accuse him of being a dictator.
China's embassy in Zimbabwe in February threw an 86th birthday party for Mugabe, and said it was the first time Mugabe had visited a foreign embassy in his capital since independence, testament to "special friendly relations" between the two.
Mugabe has tried to boost economic ties with Asian countries such as China and Malaysia. While in China he also visited the Shanghai World Expo, and the poor eastern province of Anhui.
Labels: CHINA, HU JINTAO, ROBERT MUGABE
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Hu Jintao concludes Cuban trip
Written by Larry Moonze in Havana, Cuba
Wednesday, November 19, 2008 10:47:40
CHINESE President Hu Jintao has concluded his economic expansion trip to Havana with his government affirming Cuba is indispensable for China in its bid to build links with Latin America.
President Hu met the Cuban revolution leader Fidel Castro. He said Castro's experience and thoughts would help guide Cuba on its strides to construct socialism.
President Hu said he was pleased to find Castro energetic and declared China would always assist Cuba and support the socialist cause.
He said the relations between Cuba and China had withstood different changes in the international arena due to joints efforts to nurture to those bilateral ties by generations of Chinese and Cuban leaders.
"The brotherly friendship between our two countries and parties [Communist Party of China and Communist Party of Cuba] has been deeply rooted in the hearts of our peoples," President Hu said. "The Chinese people will always support the just struggle of the Cuban people in safeguarding sovereignty."
He said he was touched to note that Castro paid close attention to developments in China. President Hu recalled how swiftly Castro ordered the sending of the Cuban medical brigade to China in May following a devastating earthquake in Sichuan Province.
And Castro told President Hu that he was an old friend.
He said he followed all that happened in China.
Castro said China had surmounted unimaginable difficulties adding that it was the most dynamic nation in the world.
He said China was the most prepared country in the fast of global economic downturn.
After meeting Castro, President Hu held a discussion with President Raul Castro leading to the signing of several agreements ranging from deferring Cuban debts to agreeing to buy the island's sugar and nickel.
China offered Cuba a US $8 million grant under an economic and technical cooperation agreement.
Another agreement involved a change of notes to defer for five years the Chinese credit line granted to Cuba on March 27, 1998 valued at US $7 million.
China postponed until 2018 another undisclosed debt but accrued until 1994-1995. China and Cuba also agreed on a US $70 million credit for reconstructions.
Another agreement involves mutual recognition of studies, titles and diplomas of higher education. In total the agreement were 12.
China is Cuba's second-largest trading partner with total trade volume of US $2.7 billion in 2007 while Venezuela-Cuba trade stood at an estimated US $7 billion. China has seen its trade portfolio in Latin America climb from US $10 billion in 2002 to over US $100 billion last year.
At the time of global economic uncertainty China continues to spread her trade and economic arm in the resource rich Latin America and Caribbean region.
President Hu says the Chinese government has "taken an active part in international cooperation to deal with the financial crisis and played a positive role in maintaining international and financial stability and promoting the development of the world economy".
China on November 9, unveiled a US $586 billion economic stimulus package following the lowest, in five years, growth rate of the economy in the third quarter.
On Tuesday, President Hu started by laying a wreath at a monument to Cuban national hero Jose Marti at Havana's Revolution Square while his Chinese business delegation were busy signing a set of accords.
The 21st session of the China-Cuba Intergovernmental Commission for Economic and Commercial Relations inked agreements ranging from renovating Cuba's seismology (earthquake detection systems) network, rehabilitation of aging ports to a housing project in Guantanamo Province.
The commission reached an agreement for China to purchase Cuban sugar and nickel and the supply of galvanized roofing materials to the island in the midst of a US $10 billion hurricanes recovery programme.
Another contract was in the biotechnology area. The value of the agreements was not disclosed.
In the afternoon, Presidents Hu and Raul met Chinese students studying Spanish at Tarara School in the north-eastern coast of Havana.
Accompanied by Cuban First Vice-President Jose Machado Ventura, Presidents Hu and Raul toured the school home to over a thousand Chinese. There are more than 2,000 Chinese students in Cuba. At least 1,112 are on a one-year intensive Spanish course in Tarara and 276 others majoring in Spanish language. The rest are studying medicine and other courses in different universities in Havana.
Meanwhile, President Hu also delivered a humanitarian cargo for victims of Hurricanes Gustav, Ike and Paloma.
Chinese trade minister Chen Deming said the aid was part of that Asian country's solidarity with Cubans.
He said recently China donated US $1.3 million to help Cuba recover from the damages caused by the hurricanes.
Deming said China would provide Cuba with house construction materials.
Cuban foreign investment and economic cooperation minister Rodrigo Malmierca received the donation.
Malmierca said President Hu's visit would further strengthen bilateral ties.
Labels: CHINA, COMMUNISM, CUBA, DEVELOPMENT, HU JINTAO
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