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With $2.5B funds, Zimbabwe is the highest recipient of Chinese investment in Africa

Zimbabwe is the highest recipient of Chinese investment , Chinese investment in Africa

The People’s Republic of China has injected $2.5 billion of loans, investments and grants in Zimbabwe, a report which was revealed by the charge d’affaires of the Chinese Embassy in Harare, Zhao Baogang.

The investment makes the South African Nation, the highest recipient of Chinese investment in Africa.

At the 2019 Spring Festival Gala held in Harare, Zhao Baogang said more attention is needed 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.

Zhao listed some of the projects the Chinese government has embarked on which is expected to start to yield immense benefits for the cash trapped South African Nation.

A 300MW power generation capacity, Kariba South Expansion Project has been completed and added to the national grid. We have launched a ground-breaking ceremony for the Hwange Thermal Power Station expansion project.

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We have launched a ground-breaking ceremony for the Harare International Airport rehabilitation project. We have launched a ground-breaking ceremony for the construction of the 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 the Kariba South Expansion project financed by China Exim Bank. Everyone is closely connected with China-Zimbabwe cooperation, Zhao said.

Zimbabwe’s economy is expected to grow by more than six percent this year driven mainly by agriculture and mining, as the government seeks to boost growth after the fall of Robert Mugabe. Total external debt was an estimated 45.3% of GDP in 2018, down from 53.8% in 2017.

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