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China,Zimbabwe : ZIMBABWE, CHINA ink 9 landmark deals

August 26, 2014

Nine landmark deals have been inked between Zimbabwe and China under which the Asian emerging global giant will provide financial aid for the much-needed economic enablers in key industries such as energy, roads, national railway network, telecommunications, agriculture and tourism as part of the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.

Finance and Economic Development Minister Patrick Chinamasa inked two master loan agreements with the China Export and Import Bank and the China Export and Credit Insurance Corporation.

Saying that the deals offered securitisation framework for infrastructural and productive industries, Minister Chinamasa, added : "We have signed agreements which provide securitisation framework under which projects in infrastructural and productive sectors can be funded." The agreements with the China Exim Bank puts into place a framework under which we can secure funding for projects in the productive and infrastructural sectors on a case by case basis that also puts into place securitisation framework on the basis of which we can then submit projects for funding. But that funding will only come from China Exim Bank. The agreement with the China Export and Credit Insurance Corporation is also providing securitisation framework for infrastructure and productive projects that can be funded by both the State and non-State financial institutions. It's opening up other sources of funding. These projects will be anchored on securitisation."

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Source: TendersInfo (India)

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