Zimbabwe receives a loan of 500 million USD from China
25 March 2011
Last Monday, China granted a 500 million dollar loan to Zimbabwe to finance a number of projects in a multitude of sectors, including tourism, health, education, agriculture, water and sanitation, reports the PANA press agency.
"We are always ready to help Zimbabwe and we will always be open to you", said the Chinese Deputy Prime Minister, Wang Qishan, at the signing of the agreement.
In addition to the loan, the minister also promised 120 million more to finance projects in the economic and social sectors.
The African Development Bank estimated this month that Zimbabwe needed 14 billion USD to renovate its infrastructures, abandoned during its long economic crisis, reports the newspaper Les Echos.
"During the last decade, investments and maintenance have been minimal, and that applies to transport, electricity, water and telecommunications", said the Bank's president Donald Kaberuka at a conference in Harare to promote foreign investment.