China extends $213m loan facility for 3 projects

Minister Chinamasa

Minister Chinamasa

Ishemunyoro Chingwere Business Reporter
The People’s Republic of China yesterday extended a $153 million loan facility to Zimbabwe for the upgrade of the Robert Gabriel Mugabe International Airport, as the two countries continue to deepen their bilateral relationship.

The Asian giant also announced two grants for the construction of the New Parliament Building in Mount Hampden, including the High Performance Computing Centre being constructed at the University of Zimbabwe, taking the total to $213 million.

Cumulatively, all the projects are valued at $213 million. The loan and grants will be administered through the Export-Import Bank of China. Finance and Economic Development Minister Mr Patrick Chinamasa and Chinese Ambassador to Zimbabwe Huang Ping signed the deal in Harare yesterday on behalf of the two Governments.

The $153 million loan, which carries a concessionary 2 percent interest rate, is payable over 20 years. It also has a seven-year grace period. Minister Chinamasa said Government expects the upgrading of the airport to boost tourist arrivals as is the case with the Victoria Falls Airport, which is currently experiencing a spike in arrivals after the completion of the refurbishment exercise.

“The Government of the People’s Republic of China also gave support to the people of Zimbabwe during the liberation struggle,” said Minister Chinamasa.

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  • RejectedStone, Cornerstone

    HRE International Airport. Ko Mazizita ndiwo anei? No need to pop up whatever egos because history clearly shows that hero-warshiping is a non-paying business. You can even end up being a candidate for poison!! No need to exagarate.

    • TruthHurts!

      The folly of a people without history is that they are soon overcome by those who have malicious intentions towards them. They are like a house built without foundation or on sandy soil. Robert Mugabe is the Founding Father of a country called Zimbabwe which has a rich history in which he is a star player! Changrai is just a footnote in that history. The former-President stood for something that some insecure people with challenges may take years to understand. These are the same people who will gleefully tell the world they went to America and landed at Kennedy or Dulles airport and will never understand the reasons behind the honour! People should know that being self-aware and recognising own heroes is not hero-worshipping but ‘honouring’ own heroes. It is indicative of a people who have a unique identity in a world where identities are like a tapestry in many nationalities are fighting for recognition. Those without one are like a rudderless ship in choppy waters. Having an identity gives other people an insight about us. It warns those with malicious intent towards us about or strengths as a people. Robert Mugabe never gave up fighting a good fight for his own people! He is an exemplar and embodiment of who we are! People make mistakes and he did for ‘to err is human’! He was forced to stand down because in his dotage (very few people will live for that long and still retain all their faculties) his over-ambitious young wife became manipulative and tried to use him to usurp power for her own benefit. It does not make Mugabe a non-hero.

  • kutototo

    Of the 3 projects only the UZ high performance computing centre is a priority as of now, the building of a new parliament is a waste of resources, that money should have been channeled towards revival of the some crucial industries.

  • Trex1

    Kupembera kuti takwereteswa mari…

    • Dzasukwa Mwanaasinahembe

      Yes

  • Jonso

    Should we celebrate for a debt on top of huge other unsettled debts in the name of bilateral relations? Maybe i m wrong.

  • James Bhora

    The biggest question is How are you going to pay back the loan I ask, without this answered properly the vicious cycle will continue

  • Cecil of Mosi-oa-Tunya

    I did not know that Harare International Airport had capacity constraints. I thought the people come where they feel happy and can enjoy hospitality.

  • eliah

    I think these Chinese just want to make themselves relevant for nothing, there are more critical things which need attention now that we have this new government and this Airport loan is the last thing the povo would want to hear. Going forward we need to be wary with this type of aid as these Asian countries are definitely after something and there are not known to add value in any economy just like Indians.

    • Dzasukwa Mwanaasinahembe

      These deals where agreed a long time ago

  • sky

    The iconic new Johannesburg city council chamber building in Braamfontein which cost R280-million seats 363 Councillors and 172 members of the public and recently won and International award in London cost US$20 million dollars in 2014 when construction began. No Chinese were involved. How come our own Parliament is going to cost way ,more than that when 1. The Chinese are known to be thrifty and 2. Its not going to be as beautiful judging from past Chinese buildings in the country ? Zanu PF will always be Zanu PF cha chinja apa ndi poster boy chete.

    • Dzasukwa Mwanaasinahembe

      Come on look at the Africa Union even closer to him the National Defence University hazvidi kungoshora. Where would you get 2% interest over 20 years which can even be forgiven

      • sky

        I am concerned about price. New Parliament should not be more than $20 million but in this case it could be highly inflated. Ask yourself what upgrades are they going to do to Harare Int Airport to accommodate more passengers ? They can’t add another runway because hapana space to put unless tikabvisa Manyame air base which is a no no. Wish we had fierce investigative journalists like in South Africa

  • Dzasukwa Mwanaasinahembe

    This is necessary our country is dead broke and by the way our airport is really pathetic and its supposed to be the hub of Southern Africa for Qatar Airways. Please give the President a chance

  • Dzasukwa Mwanaasinahembe

    Unoziva hako iwe

  • Kire

    Please elaborate how Mugabe is responsible. Getting back land was the best move ever in case maybe that is what you are referring to. But of course we may criticize poor pre- planning. We got sanctioned. Mugabe did not sanction Zimbabwe bigger bosses were at play.

  • Mnaizi

    This is ok but I would prefer to hear this sum of money going to the importation of semiconductor manufacturing high tech equipment (for university, ministry, parastatal or even army research and development), nanotechnology or any other industrial ventures, than a new building (which should be paid by taxes). IMO, loans should only be for profit making ventures (including R&D and education purpose).

    http://www.appliedmaterials.com/semiconductor/products
    https://www.hitachi-hightech.com/global/products/device/
    https://www.accretech.jp/english/product/semicon/index.html
    https://www.asml.com/products/systems/en/s46772?dfp_product_id=842