China spends $2,5bn on Zim

HARARE - China has spent $2,5 billion on Zimbabwe, which is by far the highest amount of money it has ever advanced to any African country.

Speaking at the 2019 Spring Festival Gala held in Harare on Sunday, charge d’affaires of the Chinese Embassy, Zhao Baogang, said the money has been advanced to the country through loans and investments, among other issues.

“In one word, some $2,5 billion (US dollars) of loans, investments and grants have been provided by the Chinese government, financial institutions and enterprises to Zimbabwe, much larger share than most other African countries,” Baogang said.

China has been one of the country’s biggest partners since the turn of the millennium when the government took a look east approach — after being isolated by Western nations over human rights abuses — even though the relationship dates back to the time of the liberation struggle.

Over the years, China has been investing in different sectors of the economy in Zimbabwe including the energy sector.

“Kariba South Expansion Project has been completed, adding 300MW power generation capacity to national grid. We have launched ground-breaking ceremony for the Hwange Thermal Power Station expansion project. We have launched ground-breaking ceremony for the Harare International Airport rehabilitation project. We have launched ground-breaking ceremony for the construction of new Parliament building project.

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

“So I want to say that we have to pay more attention to China’s development and try to find the opportunities for cooperation, the secrets and resources for Zimbabwe’s development can be found in China,” Baogang said.

Baogang also said in the coming years, China will import $24 trillion worth of goods and invest $750 billion in foreign countries, including Zimbabwe.

The charge d’affaires further said last year, China made great achievements in cooperating with developing countries at the Beijing summit of the forum on China-Africa Cooperation.

“In 2018, here Zimbabwe has gone through ups and downs and withstood the hardships. 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’s be patient and give the development a chance.”

Zimbabwe has been reeling under economic sanctions since the early 2000s after embarking on a fast-track land reform programme. Over the past few months, several countries in the region have been calling for the removal of sanctions, claiming it is hindering economic growth.

Baogang further said China is fully behind the call for the West to remove sanctions on Zimbabwe.

“We strongly support Zimbabwe’s demand to remove the sanctions. China sought to promote a more equitable and fair system of global governance. In a turbulent world, China emerged as a pillar of stability,” Baogang said.

    Comments (8)

    As long as there is no corresponding figure highlighting how much China has gained/looted from Zimbabwe that declaration of the figure of 2.5bn is an insult to citizenry whose off-spring must payback the grant/loan/advance. Our leaders have mortgaged the country to China Zim is now a full-blown colony of China.

    Sinyo - 19 February 2019

    Zimbabweans combined have put in US$33Bn in the past 15yrs. Now f#####f to that place where the sun does not shine. With a responsible government the economy could be US$120Bn worth. Ma sanctions haana nebasa resse...nyararrai mussaita makkwara. Kana chamisa asingaite kuseenza naye ko vamwe ?

    Chang ching zhu - 19 February 2019

    Thank you China!!!! So, to MDC and Chamisa, what has Zimbabwe received from your favourite allies? Seed money for waging violent protests maybe? FAKE NGO support? Destabilization funding?

    Buns Tinobvinex - 19 February 2019

    @ Buns Tinobvinex. Shut up if you don't have anything sane to say

    Bill Hinch - 20 February 2019

    yu own a car and your grany onwed a donkey. yu have a mall salary and your grany recieved meat as salary at a farm bt yu make noice daily. these farmers were angels give them the land back

    informed - 20 February 2019

    China will take/ are taking FAR MORE then they ever give!

    Disgusted - 20 February 2019

    Africa is on the dining table as Prof. Lumumba says. We thank China for supporting Zimbabwe BUT: 1. What is the period / time frame they have invested the $2.50 billion? 2. What is the reciprocal value / return on investment from Zimbabwe? I do not agree with the Mr. Zhao that "the secrets and resources for Zimbabwe's development can be found in China". When will Zimbabweans wise up - we have both natural and human resources locally (some in the diaspora) to make Zimbabwe a first world nation. We do not need to go begging to China or the west to develop our country. All we need is to change our mindsets, refocus and strategise as a united nation, or we will continue transferring from being one's colony to another superpower.

    Daniel 5 - 21 February 2019

    Zimbabwe is totaly mortgaged to China FOREVER. If Kariba has an increase of 300mwh generation capacity, why do we still have load shedding? Bye-bye Zimbabwe, hello Chinbabwe. Be afraid, be very afraid.

    Is that so? - 22 February 2019

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