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Zim denies going to China for cash bailout

Harare - The Zimbabwean government did not travel to China to get ready cash but to obtain funding commitments for bankable projects, said a government official.

Addressing a business breakfast meeting to unpack the visit to China, Finance Minister Patrick Chinamasa said it would be folly for people to think that the visit, which included President Robert Mugabe, was meant to get cash from China.

“For your own information China does not give budgetary support to any country, but what we got are commitments from the level of President Xi Jinping to support the projects we had tabled,” he said.

Zimbabwe obtained funding commitments from financial institutions such as the China Exim Bank, ICB and Sinosure, said Chinamasa.

Some of the projects to receive funding commitments are in the energy sector. China committed towards the US$2bn China-Africa Sunlight Energy Gwayi power project as well as the Hwange power generating project, which needs $1.2bn.

China-Africa Sunlight Energy also made a commitment of $55m for the completion of the Shangani Dam project, which is key to water supply for its operations.

Government-owned telecommunication companies NetOne and TelOne received funding commitments of $296m and $98m respectively.

The Zimbabwean government said it is still working on funding for road and rail network projects.

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