Government to repay Chinese insurance company debts in a bid to get funding

Government has mobilised $7,2 million which will go towards part repayment of debt arrears owed to China Export and Credit Insurance Corporation (Sinosure) following reports the insurance company has been reluctant to guarantee loans from Chinese banks to Zimbabwean companies.

Speaking to The Herald, Energy and Power Development Permanent Secretary Partson Mbiriri on Monday confirmed that Government has managed to mobilise funding to settle Sinosure debts. He said,

About $7,2 million has been mobilised , and out of that amount, $1 million has already been authorised for release and it is Government’s intention to settle the arrears. The balance of $6,2 million is currently awaiting Reserve Bank of Zimbabwe’s authorisation before it can be released.

The Zimbabwean Government has made efforts to repay the arrears as it seeks to unlock funding that will be used for Hwange Thermal Power Station and the China Sunlight Energy project in Gwanda.
More: Herald

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