China lends Zimbabwe $950m to improve economy

30 June 2009

Zimbabwe's prime minister Morgan Tsvangirai has announced the country will use a $950 million (£577 million) loan from China to help improve its economy.

The southern African location has asserted it needs $10 billion to rebuild its rundown infrastructure, as well as improve its unemployment rate.

Mr Tsvangirai further noted how a three-week tour around the US and Europe had helped raise more than $500 million in pledges.

"The amount of assistance that was raised on my visit to Europe and the United States does not reflect the enormous support we will be able to utilise if we are to fulfill all our political obligations," Mr Tsvangirai said.

Between July 7th and 9th, commonwealth organisations representing civil society, local government and businesses will meet in Johannesburg to discuss ways of helping the country.

In a recent letter to the Guardian newspaper, chair of the Zimbabwean commonwealth committee Carl Wright said they will look at infrastructure rehabilitation, reconstruction and development, humanitarian assistance, social protection and economic stabilisation.