Charge us fairly, Chinamasa tells South African banks

via Charge us fairly, Chinamasa tells South African banks September 26, 2014

FINANCE minister Patrick Chinamasa yesterday told South African financial institutions to charge Zimbabwean companies fairly and not to take advantage of the prevailing problems in the country.

Speaking at a one-day Zimbabwe-South Africa Investment Forum held in the capital, Chinamasa said South Africa was Zimbabwe’s key trading partner.

“Charge us fairly as you come to lend and invest with a view to bring us to the same level as you are. Do not charge us rates which are way above what you charge our counterparts. You are aware that we do not have the country risk that is talked about. I think those of you that have been here are aware that we do not have the country risk that is talked about. Do not take advantage of your neighbour’s problems and desperation to take his wife,” Chinamasa said.

He said the country’s economic well-being was tied to South Africa and the country should therefore help Zimbabwe. Chinamasa said the issue of people moving to South Africa through the porous borders should be addressed.

“We are therefore, hopeful that the South African development financial institutions will fund some of the Zim Asset [Zimbabwe Agenda for Socio-Economic Transformation] projects and also levy concessionary interest rates for these,” Chinamasa said.

He said the country has huge funding requirements and according to Zim Asset, half of the funding will go towards infrastructure and utilities.

Chinamasa said after the elections last year the government received a letter from the South African ambassador to Zimbabwe Vusi Mavimbela that the Development Bank of South Africa (DBSA), Industrial Development Corporation SA, Public Investment Corporation and Transnet were eager to come and fund some of the projects under Zim Asset.

“I waited for an opportune time to engage my South African counterpart, honourable Nhlanhla Nene and was happy to have a meeting with him on the sidelines of the just ended Sadc Summit in Victoria Falls. I must say that it was fruitful which has even resulted in the realisation of this august conference,” he said.

Zim Asset requires a funding purse of $27 billion.

Chinamasa said DBSA and IDC SA were already undertaking some projects in the country. He said the country has various opportunities in the energy, power, road construction and other infrastructural projects country wide.

Industry and Commerce minister Michael Bimha said the country appreciated the partnership between Zimbabwe National Roads Administration and Group five South Africa where the country was financed to the tune of $230 million for its rehabilitation of major roads.

“The ongoing revamp of the Plumtree-Bulawayo-Harare and Mutare highways using funds provided by DBSA is a model that is appreciated. It is our hope that going into the future, more and similar projects will be rolled out with the support of our regional partners,” he said.


  • comment-avatar
    tapiwa 8 years ago

    Does Chinamasa know what country risk is? Though I think he knows I hate to believe that he actually thought he could pull a wool over businessmen by telling them that Zim does not have country risk.How does he expect them to believe his proposals when they can see he is lying in their face. Zimbabwe is a country risk , no rule of law, cannot pay its debts, no succession plan, low credit rating, etc those are the components or key risk indicators of country risk.

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    sillywho? 8 years ago

    “A funding purse of $27 Billion”. MY god, just think of the orgy of thievery, looting, malfeasance, and chicanery the ne’er-do-wells, blackguards,(no pun intended)and PHD heavies in the government could do with that. Mugabe would probably die of sheer delight. Dr Grace could then go shopping in her own private jet. How sweet it would be!

    Seriously though, the best hope for Zimbabwe is joining the Union of South Africa as a province. As the country is bankrupt with no hope of recovery what else might it do? Oh yes, continue suffering indefinitely.

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    revenger avenger 8 years ago

    Typical zanupf arrogant pomposity. ” the world owes us a living to prolong looting plundering “. Vide chiyangwa mliswa kaukonde con hoogstraten makandiwa chanakira kasukuwere chapfika et all. Pamberi mob justice/street revolts

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    Baba Jukwa's Tokoloshe 8 years ago

    Patrick Anthony – what normal fair minded person would want to help Zanu unless they too were part of the corruption? Baba Jukwa’s Tokoloshe told the SA bankers all about your rubbish lies and dirty tricks – long long ago. Do you think that this is all a coincidence?

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    munzwa 8 years ago

    high risk = high interest rates….