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Ten deals signed to boost economic cooperation


12-02-2015 12:28 BJT

Full coverage: Xi Attends Paris Climate Talks, Visits Zimbabwe, S. Africa

President Xi Jinping has witnessed the signing of 10 economic agreements, including one on expanding the southern African nation's largest thermal power plant.

This deal was signed by China's Export and Import Bank. It will provide more than 1 billion US dollars for the 600-megawatt expansion of Hwange thermal power station. The work will be undertaken by Chinese firm Sinohydro Corp.

The agreements also include the construction of a new parliament building and a pharmaceutical warehouse. Meanwhile, China's Exim bank will also provide a loan to state-owned telephone firm TelOne to install opticfibre for Internet broadband. // China is Africa's largest trading partner and the trade volume between them amounted to $220 billion in 2014.

The highlight so far is a more than $1 billion loan by the China Ex-Im bank to fund a 600 megawatt (MW) expansion of the Hwange coal power station. That deal, along with 9 other agreements on agriculture, health, energy and infrastructure development were signed Tuesday evening.

Zimbabwe is critically in need of international funding to address a crippling energy deficit. It's also hoping to secure lines of credit to resuscitate many of its industries which haven't been able to retool in more than a decade.

Sino Zimbabwe trade is also expected to be on the agenda as Zimbabwe aims to increase the value of trade with China, already topping the one billion dollar mark.

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