Zimbabwe Wants To Borrow $2,5 Billion From China

Speaking on the sidelines of the 2018 Beijing Summit of the Forum on China-Africa Co-operation (FOCAC), Patrick Chinamasa, who is part of President Mnangagwa’s delegation in China said Zimbabwe wants to borrow at least $2,5 billion from major Chinese banks.

Chinamasa said the loan will be used to support productive sectors, tourism, mining, industry, agriculture and manufacturing among others. Said Chinamasa:

We are looking for lines of credit, and we have been having those discussions on the sidelines of 2018 FOCAC, but there is nothing that we can tell until they have come to fruition. We are looking at $2, 5 billion lines of credit to support the entirety of the productive sectors, tourism, mining, industry, agriculture and manufacturing among others. We (Chinamasa and Reserve Bank of Zimbabwe governor John Mangudya) did not go to FOCAC today, we have spent the day engaging a number of Chinese financial institutions. For instance, we have met ICBC and others, which we would not want to mention at the moment.

Chinamasa also said Zimbabwe is looking to take advantage of the $60 billion facility for African countries announced by Chinese President Xi Jinping during the official opening of FOCAC 2018 on Monday.


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