Zimbabwe: China Extends $153m Loan for Mugabe Airport, New Parliament

Zimbabwe: China Extends $153m Loan for Mugabe Airport, New Parliament

Zimbabwe: China Extends $153m Loan for Mugabe Airport, New Parliament

China on Wednesday agreed to provide Zimbabwe with a funding of about 213 million USA dollars for infrastructure development projects.

Zimbabwe's new government plans to reduce diplomatic missions and ban first-class travel for everyone but the president as it tries to revive a devastated economy after longtime leader Robert Mugabe resigned last month.

Ping said more deals were likely to be signed between the two countries in the near future.

Many will be watching minister, Patrick Chinamasa, to see whether his budget statement will signal policy changes to make the country more investor-friendly under President Emmerson Mnangagwa's new government.

"As Zimbabwe's all-weather friend, the Chinese government has been committed to assisting our good friend and brother in its development path through thick and thin ever since Zimbabwe's liberation struggle", Huang said.

"These agreements we have signed today are just a testimony of our efforts and our friendship that withstands the test of time".

He said China understood that Zimbabwe was not only operating under Western imposed sanctions but that it also did not have access to outside financial support.

He said the infrastructure development projects were significant in that they will help create jobs for local people and boost business for local suppliers of construction materials.

The expansion works will more than double the airport's handling capacity from the current 2.5 million passengers per year to 6 million.

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