Investment deals top $1,6bn

via Investment deals top $1,6bn | The Herald March 7, 2015

Investors are warming up to opportunities in the country and Government has so far entered into agreements worth approximately $1,6 billion, while others are in the pipeline as efforts to turnaround the economy gather momentum, Finance and Economic Development Minister Patrick Chinamasa said on Thursday.

Minister Chinamasa said this while responding to a question by Chegutu West legislator Cde Dexter Nduna on what Government was doing to attract investors from BRICS countries — Brazil, Russia, India, China and South Africa.

“The effective implementation of Zim-Asset depends on harnessing domestic and international institutions,” he said.

Minister Chinamasa said a number of agreements had already been signed with some institutions in the BRICS countries, among others.

He said the deals included $533 million for the Kariba South Hydro-Electricity expansion project, $154 million for the Victoria Falls Airport runway and terminal building, $218 for NetOne expansion, $100 million for medical equipment and $144 million for rehabilitating Harare water and sewer reticulation that have been secured from China Eximbank.

Minister Chinamasa said Russian investors had invested significantly in the Darwendale platinum project.

The others include, $98 million that has been secured from Brazil for agricultural equipment, $28,6 million for Deka Pump Station in Hwange and $294,2 million from the European Union, World Bank and African Development Bank.

Apart from the above deals, the minister said there were other ventures that were close to fruition and they included the Hwange Thermal Power Station Phase 7 and 8 expansion, rehabilitation of the Harare Thermal Power Station and joint venture agreements for the construction of Kunzvi Dam, dualisation of Beitbridge-Harare and Harare -Chirundu highways and the Batoka Hydro Electric project.

“The above measures are some of the measures that Government has put in place to ensure that Zim Asset succeeds. Government will put in place measures to attract bilateral and multilateral funding from BRICS countries or any other institutions to ensure the success of Zim Asset,” he said.

The minister said Cabinet had also approved the Joint Venture Bill that would regulate joint ventures that locals could enter into with foreign partners.

Minister Chinamasa said the visits by various business delegations from Europe and other parts of the world, was also testimony of the confidence investors had in the country.