Zim to tap into US$50bn Chinese facility

Source: The Herald – Breaking news.

Wallace Ruzvidzo, Herald Reporter

ZIMBABWE is making concerted efforts to tap into the US$50 billion facility that China pledged towards funding Africa’s modernisation and industrialisation agenda during the Forum on China Africa Cooperation (FOCAC) Summit held in September.

To this end, the country will soon be submitting priority projects to the Chinese Government for funding.

China made the pledge during one of the biggest diplomatic events on the calendar, FOCAC, held in Beijing, in September.

President Mnangagwa attended the gathering that brought together leaders of a third of the world’s population. Prior to the FOCAC Summit, the President had undertaken a successful State Visit to China at the invitation of Chinese President Xi Jinping.

To ensure maximum gains are derived, Harare will be availing bankable projects to China that are centred on the already existing memoranda of understanding signed during President Mnangagwa’s visit.

Acting Foreign Affairs and International Trade Permanent Secretary Mrs Petronella Nyagura said an inter-ministerial meeting would be convened on Monday to work out the modalities.

“The President, His Excellency Dr Emmerson Dambudzo Mnangagwa, undertook a successful State Visit to China, from 28 August to 3 September 2024. The State Visit was followed by the FOCAC Summit, which was held from 4 to 6 September 2024 in Beijing, China.

“His Excellency the President’s successful visit to China injected fresh impetus into the Sino-Zimbabwe bilateral relations, and there is tremendous scope to build on the positive momentum generated from his engagements with the Chinese leadership and the business community if Zimbabwe assiduously follows up on agreements signed and submits new projects for funding under the USD 50 billion financial package announced by President Xi Jinping during the FOCAC Summit.

“In that regard, you are invited to attend an inter-ministerial meeting scheduled for Monday 11 November 2024 at 09:00hrs in the Munhumutapa Basement Boardroom. The objective of the meeting is to identify and prioritise projects that will be submitted to the Chinese Government for possible funding,” she said.

The 17 agreements that Zimbabwe and China entered into during President Mnangagwa’s visit include; Establishment of the Investment and Cooperation Working Group; Cooperation Plan on Synergising the Belt and Road Initiative with Zimbabwe’s Vision 2030;  Exchange of Cooperation in the Field of Economic Development; MoU on Establishing a Working Group on Unimpeded Trade.

Apart from that, the two countries also signed a Framework Agreement on Economic Partnership for Shared Development; Protocol for Phytosanitary Requirements for Export of Zimbabwean Fresh Avocado to China; MoU on Joint Promotion of Cooperation in the Mining Industry; and Treaty on Mutual Legal Assistance in Criminal Matters.

“Ministries are requested to avail bankable projects related to the Memoranda of Understanding (MoUs) that were signed during His Excellency the President’s successful State Visit, the FOCAC framework, the Belt and Road Initiative (BRI), the Global Development Initiative (GDI), the Global Civilisation Initiative (GCI) and the Global Security Initiative (GSI),” said Mrs Nyagura.

Harare and Beijing also signed MoUs on Media Exchange and Co-operation, MoU between China Media Group and the Ministry of Information, Publicity and Broadcasting Services, MoU on Co-operation on Entry and Exit Animal and Plant Quarantine.

They also signed Letters of Exchange on the Feasibility Study for Upgrading of Irrigation Facilities Project, and Letters of Exchange for Human Resource Development Co-operation in Railways Management.

An agreement was also signed on News Exchange and Co-operation between Xinhua News Agency and New Ziana, MoU between China Media Group and Zimbabwe Broadcasting Corporation, and MoU between China Media Group and The Herald of Zimbabwe.