As reported in the Zimbabwe Independent on
Chinese financial institutions have also been reluctant to give funding to local companies because of
Sinosure is a state-funded policy-oriented insurance company established for promoting
It began operations in 2001 and has formed a nationwide service network, with its business guideline being providing insurance service for foreign trade and investment, fully supporting the development of foreign trade and economic co-operation, promoting economic growth and employment and equilibrium of international balance of payments.
Chinamasa, who is currently in
As reported in the Independent recently, the Zimbabwean government is hoping to secure a
Besides signing an agreement on that, Mugabe and his team also signed deals for projects across various sectors ranging from energy, water, power generation and road construction.
Announcing the deals to the state media, which accompanied the government delegation, Chinamasa also stated he had signed an agreement with Sinosure to provide cover for them.
"I have signed a memorandum of understanding with Sinosure,
He added that he had also requested Sinosure to give insurance to loans to local government-owned companies, including TelOne and NetOne.
About a fortnight ago, this paper reported that Sinosure had decided to stop giving insurance cover for loans to
"Sinosure is unhappy with Zimbabwean government's failure to pay up on loans and are refusing to guarantee Zimbabwean government backed loans," a senior government official told the Independent then.
"Between the two (Chinese and Zimbabwean) governments, there is no problem (since) concessionary loans being provided by
"But for any new projects, which need more loans from the Chinese side, we should also consider the capability of the Zimbabwean side. The banks and even insurance companies have their own terms for providing or giving guarantees for any lines of credit; so it needs goodwill and good understanding on both sides. I hope there will be more co-operation and more projects with the help of Chinese institutions."
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