China invests US$2.5 billion in Zimbabwe

20 Feb 2019

flagsChina invested over two billion dollars in Zimbabwe, said Zhao Baogang, charge d’affaires of the Chinese Embassy.

Speaking at the 2019 Spring Festival Gala in Harare, Zhao told a group of a delegates: “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.

“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 added that Zimbabwe is nearing its goal of transitioning 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,” he said.

Zhao concluded by adding that China is in favour of the removal of illegal sanctions on Zimbabwe and aims to promote a 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."

Next week, a 35-member Chinese business delegation will be visiting Zimbabwe to work on boosting cooperation in agricultural production, the manufacturing sector and special economic zones construction, telesur reports.