China Pumps $2.5B Into Zimbabwe

China has invested more than two billion dollars in Zimbabwe, according to comments made by the charge d’affaires of the Chinese Embassy, Zhao Baogang, at the 2019 Spring Festival Gala in Harare Sunday.

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“Some US$2.5 billion [in] loans, investments and grants have been provided by the Chinese government, financial institutions and enterprises to Zimbabwe, a much larger share than most other African countries,” Zhao remarked to a group of delegates.

The envoy also took the opportunity to highlight ground-breaking ceremonies for the Harare International Airport rehabilitation project and the construction of a new Parliament building project.

"We expect that Zimbabwe will continue to maintain peace and stability. We expect that Zimbabwe will deepen reforms and come up with more policies to attract more foreign investment. We expect the bilateral relations will strengthen by each passing day."

Zhao, in the statement, further declared that Zimbabwe is on its way to actualizing President Emmerson Mnangagwa's vision to transform the country into an upper-middle income economy by 2030.

“Zimbabwe will have the capacity to export electricity to earn the much needed hard currency very soon. We work, cook with the electricity from the Kariba South Expansion project financed by China Exim Bank. Everyone is closely connected with China-Zimbabwe cooperation,” the charge d’affaires explained.

China, Zhao says, strongly supports the removal of illegal sanctions on Zimbabwe, adding that the Asian nation seeks to promote an equitable and fair system of global governance.

"Zimbabwe has gone through ups and downs and withstood the hardships," Zhao said. "Every country has its own problems and headaches. No country has a smooth journey of national development and Rome was not built in a day. Let us be patient and give development a chance."

A 35-member Chinese business delegation is expected to visit Zimbabwe, next week, to promote cooperation in agricultural production, manufacturing sector and special economic zones construction.