Zimbabwe gets $319 mln Chinese loan for Kariba expansion

via Zimbabwe gets $319 mln Chinese loan for Kariba expansion | The Source  November 11, 2013  

China Exim Bank on Monday gave Zimbabwe $319 million to fund the expansion of Kariba Power Station project which could help reduce the electricity crunch that has hit the manufacturing and agriculture sectors.

The project will take four years to complete and is for two power generating plants of 150 megawats which would increase Kariba Power Station’s generating capacity to 1050MW. Kariba’s six generating plants produce 125MW each.

“This should go a long way in reducing power outages that characterise our power generation. For us the energy deficit has hamstrung the growth of our economy, “said Chinamasa at an event to sign the agreement with the bank.

Chinamasa said the loan has a two percent interest rate and a five-year grace period and a 20-year tenure. Zimbabwe will contribute $35 million to the project to bring the total cost of the project to $354 million.

China’s Sinohydro won the tender for the expansion work in December last year.

China Exim Bank executive vice governor, Zhu Hongjie said the project should be completed on time.

“We hope to complete it on time to bring benefit to your people,” he said.

 

COMMENTS

WORDPRESS: 6
  • comment-avatar
    Shebah 8 years ago

    Mark, Mark did you read this – the Chinese are here

  • comment-avatar
    Bosha Chipukutu 8 years ago

    The loan is being offered by the Chinese gvt.The tender was won by a chinese company.What of our indigenous companies or our people,is this project going to give employment to our fellow zimbabweans.

  • comment-avatar
    Hisexcellency 8 years ago

    At least these bustards support somehow this poor country, not for free of course…………

  • comment-avatar
    Bruce 8 years ago

    You thieves of ZANU PF that money will find its way in your pockets. When will you have mercy. You have mortgaged the country way beyond even you grand children can not repay. The infrustructure you are putting down will not even go beyond a year. Look at the state of the roads you built and the collapse of the health system which used to be vibrant during Smith Regime. The loans have buloomed in line with your pockets and wealth, but national coffers drying and infrustructure collapsing.

  • comment-avatar
    Bosha Chipukutu 8 years ago

    Pane zviri kundinetsa vanhuwee..Ma China ari kutibatsira yes but vari kuuya nevanhu vavo kuzoita basa muno.Kare macompany aiuya kuzoita basa rakaita sairori vaiuya vopinza vanhu vemuno,zvizvarwa zvemuno zvatambura nemabasa.Ko ava vanhu ava vakamboita sei.Kutida here uku kana kuti vari kutidzvanyirira.Aiwa varungu vaiva nani.

  • comment-avatar
    Hisexcellency 8 years ago

    When the Zimbabweans found ZTV propaganda insulting and its programmes uninteresting, they quietly resorted to watching the free South African television. However it remains the greatest mystery why SA decided to turn off the free programmes just a few days before the 31st July elections.

    Knowing fully well its leverage, Zanu pf fully takes advantage of the situation. Now after the vote rigging tainted victory, Zanu pf is going push forward the not going to be successful indigenization programme. The speed and the confusion with which the programe is being carried will raise unemployment and poverty to the highest levels ever.

    The rapid land reform strangled the economy because Zanu pf did not carry out an impact assessment prior to carrying out the agrarian reform. Now the economic empowerment act is going to destroy what is left of industry. It will make unemployment approach 100%. There is a big chance that Zimbaweans will remain calm. They will continue to go look for jobs in South Africa, Botswana, Namibia. So indeed Zimbabwe is a colony of Zanu Pf.

    Now Zimbabweans are funding the cash strapped ZBC through the combined motor and listener’s licenses. This will enable ZBC to air more propaganda. If ZBC thinks it is being prejudiced as far as paying for listening licenses is concerned, it should just block all listeners and only make it available to those who subscribe willingly. But making every motorist pay, even those who don’t want to listen to ZBC, that amounts to extortion.