India gives Zim $26m credit – DailyNews Live

via India gives Zim $26m credit – DailyNews Live by Bridget Mananavire  23 NOVEMBER 2013

India has extended a $26 million line of credit to Zimbabwe earmarked for improving power generation in the southern African country.

Jeitendra Tripathi, the Indian ambassador to Zimbabwe, yesterday said his country has no plans to be a donor to Zimbabwe but a trade partner.

“Most of you might be aware of the line of credit the government of India is offering right now, which is $26 million to upgrade means of power generation in Zimbabwe,” he said at the India Zimbabwe Chamber of Commerce conference.

He said India was committed to the upgrading of Hwange Thermal Power Station and the Bulawayo Power Plant.

Zimbabwe has been experiencing massive power challenges with load shedding affecting domestic consumers and the few operating industries which are now relying on power generators.

The country, through the Zimbabwe Power Company is currently producing 1 200 megawatts (MW) against a projected energy demand of 2 200 MW per day.

Industry experts contend that if the power situation does not improve soon, industrial capacity will continue to deteriorate.

Tripathi said his country was also investing towards solar tower lights for high density areas, as Zimbabweans braces for four more years of power blackouts.

Normal electricity supplies are only expected in 2018 after the completion of the Kariba South Hydro-power station.

“We are also contributing in the construction of solar tower lights in high density areas in Harare, Bulawayo and Mutare,” Tripathi said.

Zimbabwe and India, through Essar Africa Holdings Limited, has also entered into a “definitive” agreement aimed at reviving the Ziscosteel (now NewZimSteel) plant and develop an iron ore beneficiation plant in the country.

Mike Bimha, minister of Industry and Commerce, said the revival of Ziscosteel was imminent.

“This is one of my ministry’s priorities and its revival is imminent,” he said.

 

COMMENTS

WORDPRESS: 8
  • comment-avatar

    0.000000000000000000001 percent of what china-masa needs

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    mucha 8 years ago

    machinja mwamama . Hee-e,Look East Policy hits brickwall. Hee-ee, no more investors in Zimbabwe. Heee-e, kwai naBiti Zimbabwe doomed. To hell.

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    Africanson 8 years ago

    When we say let us campaign to improve our economy you are branded zanu pf. What we nust know is that economic decline affects all of us even the future ruler. Is it not better to make the future ruler inherit a less debt than the current?

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      Rudadiso 8 years ago

      What do you mean by campaining to improve our economy? Begging? How about starting by stopping corruption? $26 million dollars is less than half the amount that Mugabe used during his trips abroad.

  • comment-avatar
    munzwa 8 years ago

    lets check how much the present rulers have stashed away and use that to pay the national debt

  • comment-avatar
    Rudadiso 8 years ago

    34 years later still extending the begging bowl. Shameless cleptomaniacs.

  • comment-avatar

    India is better off to spend that money on their own citizens, they have staggering poverty levels and instead of those dollars going into Chinotimba and bobs pockets, they can help their own citizens. Frankly, aid given to Africa, is just simply better off in the countries that aid comes from, Africans are just defunct and corrupt.

    • comment-avatar
      African 8 years ago

      why bother reading and commenting on African Issues then?