Finance Minister Tendai Biti, who has returned from a week-long visit to China early this month, said CDB agreed in principle to provide the credit facility to assist Zimbabwe revive a farming sector struggling to regain its former glory following a decade of destructive policies. The facility would be available through the Agricultural Bank of Zimbabwe (Agribank).
The China Development Bank agreed in principle to support the presented priority areas identified and proposed the development of a 5 to 10-year Comprehensive Framework which will form the basis upon which concrete projects will be structured, including implementation (of) timelines and targets, Biti said in a statement last week.
He also revealed that his delegation, which included Transport Minister Nicholas Goche, had also agreed to grant IDBZ a consideration of commercial interest in IDBZ. Formerly known as the Zimbabwe Development Bank, IDBZ is a state-owned financial institution responsible for financing capital projects like bridges, roads and dams. CDB (is) to send a team of experts to Zimbabwe to undertake a due diligence exercise and needs assessment on the identified enablers for economic recovery, said Biti, the second-in-command of Prime Minister Morgan Tsvangirais MDC-T party.
President Robert Mugabes government has cultivated relations with China as part of a new “Look-East” policy adopted after a fall out with Western countries that have imposed targeted sanctions on the Harare administration as punishment for failing to uphold human rights and democracy. Bitis visit may signal a shift of priorities for the finance minister
and his MDC-T party who have had traditionally strong ties to the United States and other western nations.
The MDC-T has previously attacked China for casting a blind eye to human rights abuses by Mugabes former government and other rogue regimes in Africa such as in Sudan in its bid to gain access to their raw materials. Observers say the visit may be a sign that Biti is becoming impatient with the Wests reluctance to help Zimbabwes coalition government which has asked for US$10 billion to rebuild its economy and improve social services like education and health.
China on a drive to expand economic links with Africa has since 2000 paid particular attention to Zimbabwe, selling Mugabe’s government fighter aircraft and agreeing to a number of business deals in exchange for mining and other concessions.
Post published in: News