via Chinamasa courts Arab funding – NewsDay Zimbabwe May 27, 2014 by Ndamu Sandu
FINANCE and Economic Development minister Patrick Chinamasa has been invited to the Arab Bank for Economic Development (BADEA) headquarters in Khartoum, Sudan, to tie loose ends on a possible funding arrangement for infrastructure.
The invitation to visit BADEA was extended last Wednesday when Chinamasa met a team of executives headed by director-general Abdelaziz Khelef on the sidelines of last week’s African Development Bank annual meetings in Kigali, Rwanda.
In an interview last week, Chinamasa said he also held discussions with Saudi Arabia and Kuwait Funds, who expressed interest in funding infrastructure.
He said the appetite for availing loans was there and institutions wanted Zimbabwe to provide projects together with feasibility studies.
“With BADEA, they have invited me to visit their headquarters in October.
I am sure that by that time we would have put our papers in order,” Chinamasa said.
“The money will be going towards infrastructure which is important for economic growth. Kuwaiti Fund indicated that they will support hydro-schemes and they are considering giving us funds for feasibility studies.”
Chinamasa said he requested BADEA to provide funds for feasibility studies.
Saudi Fund requested Zimbabwe to provide projects proposals, Chinamasa added.
Experts say Zimbabwe requires $16 billion for infrastructure which is not available.
The budget is crowded out by recurrent expenditure, notably, salaries leaving little for capital expenditure.
Under its sixth five-year plan (2010-2014), BADEA pledged to commit $1 billion to projects on the continent.
The budget is up from the $900 million under the previous five year plan (2005-2009).
It said during the current plan an annual allocation of $200 million would be channelled to finance development projects, technical assistance and trade financing.
Last Tuesday, BADEA gave Rwanda a $11,2 million to finance its rural electrification programme. The concessional loan is payable over 30 years at a cost of 1% per annum.
COMMENTS
I thought the Chinese were their friends. The Arabs are not stupid they won’t give these idiots a cent. he will come back empty handed, again.__
@Andy this is telling you that because they cannot pay the chinese back they just globe trot around the world to someone they have never approached and the vicious cycle continues
What could they want in exchange?
Maybe Patrick has offered to bend over for them
should read Chinamasa to tie loose ends on a possible funding arrangement for infrastructure which will end up in their private accounts. The Arabs are not people to mess about with if they are not paid their money back
The present economic melt-down has for the first time in his 34 years in power forced Mugabe to reconsider his life time believe that there was a mountain of money and wealth and his challenge was to see how much he could spend. When you have a mountain of money to spend the waste through such things as mismanagement and corruption regardless how significant they become compared to what was in the pot are ignored because you get an even bigger pot.
Mugabe has no problem borrowing $27 billion for his ZimAsset project and thus increases the national debt nearly four-fold from $10 billion to $37 billion it is part of his bigger pot philosophy.
Whilst most people are worried about the $10 billion debt already, Mugabe is not even bothered because his challenge is how much he can spend; he has no intention of ever paying back.
Whilst Mugabe’s challenged is a mountain of money to spend what he is leaving for future generation is a mountain of debt to pay back and means to pay back the debts with since most of the borrowed money is being wasted through mismanagement and corruption.
All those institutions and nation bankrolling Mugabe’s spending spree must know that most of the money is going to be wasted by the tyrant; there is overwhelming evidence of this out there now. They must therefore then know that future governments in Zimbabwe will have no obligation to repay any of the money they gave the Mugabe regime knowing it will be wasted.
Read between the lines. This is no story. This Arab organization has committed 1 billion for the Africa and only gave Rwanda 10 million. What a joke. They also use the term a ppossibility .
Zanu must go. There are now living on the lie.
Another ‘came back empty handed’ travel. Chinamasa shd turn down such invitations n save on travel costs. Poor Chinamasa, west, east and now middle east
Where is the diamond money you SOB.
Alibaba and his 40 thieves? ZANUPF will make them look like angels. ZANUPF has run out of credability and goodwill world wide.
just shows one how disconnected zanupf are to the world after mugabe told us to go hang!
A sovereign state that begs for money to feed its people,money to fund its bloated budget, money to build infrastructure, money to even fund infrastructure feasibility studies!This is not independence, it’s total dependence! Let’s just beg Britain to colonise us. At least they’ll make us self sufficient.l and we can stop this embarrassing begging all over the world. Mugabe and his thugs are disgusting!
All opposition parties should let it be known that they will not honour ZANU debts
When Zanu has borrowed 100 billion, they will surrender the country to another party and wait for the economy to be fixed. How much are we paying in interests only monthly to the combined county debt. (ie if any payments are being made)
When is October -kikikiki
Globtrotting from corner to corner of the Globe – wonke amagumbi amane womhlaba, begging for alms gukurahundi style.
What an embarassing lot – are you people, in this day and age still proud to called Zimbabweans?
Indeed you must be jocking!!
“The budget is crowded by recurrent corruption,notably mega-salaries leaving very little for small fish”.
Bet you he will book in at the poshed hotel and do some shopping if he does go
the arabs are the ones who started the slave trade- they have never made an apology for this