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Minister Chinamasa

Ellah Mukwati Herald Correspondent
The recent historic visit by the Chinese President Xi Jinping which saw 12 mega deals worth $4 billion being signed cemented the good bilateral relationship between Zimbabwe and China, the Minister of Finance and Economic Development has said.

In a statement released yesterday Minister Patrick Chinamasa said: “In a clear step to further cement the co-operation between the two states, financing arrangements for the coming year were signed between the two countries which will convert provisions of the Government’s economic blue-print, Zim-Asset, into programmes of action as championed by President Mugabe.”

“The Export-Import Bank of China will provide concessionary funding for the engineering procurement and construction (‘EPC’) of the Hwange Power Station Expansion Project (Hwange 7 and 8), and the TelOne Backbone Network and Broadband Access Project (‘TelOne Project’).

The Government of China also pledged to construct the new Parliament in Mt Hampden among other several deals signed between the two countries.

“In addition, the Government of the People’s Republic of China has awarded the Government of Zimbabwe a grant in the amount of US$62 485 356 for the construction of the Parliament Building, the NatPharm warehouse and other projects,” said Cde Chinamasa.

The new Parliament complex would stand as a legacy of President Mugabe and Zimbabwe.

Cde Chinamasa said this followed a State visit by the President Mugabe to China in August last year where the first series of mega deals were signed between the two nations.

He said Government signed the Memorandum of Understanding and arrangements with the Export-Import Bank of China and the Government of the People’s Republic of China beginning of this month.

“It is also concluded an Avoidance of Double Taxation and Prevention of Fiscal Evasion Agreement between Zimbabwe and China. The agreement will bring certainty on taxation of cross-border income, thereby, enhancing investments in our respective countries,” he said.