China Loans Zimbabwe US$950 Million
June 30th, 2009There will be something in the dirt that China wants to dig up. Or, maybe just the dirt would do.
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Via: BBC:
China has agreed to give Zimbabwe a loan of $950m (£573m) to help it revive its battered economy, Prime Minister Morgan Tsvangirai has said.
Mr Tsvangirai had been criticised by supporters of President Robert Mugabe for failing to get more support during his recent trip to the West.
Mr Tsvangirai and Mr Mugabe formed a power-sharing government in February.
The government says it needs some $8bn to rebuild the country following years of collapse.
“The government through the minister of finance, secured credit lines of almost $950m from China,” Mr Tsvangirai said in a news conference.
China was one of the few countries to retain economic support for Zimbabwe in recent years.
“We will encourage and facilitate more Chinese companies to seek development in Zimbabwe,” Chinese official Zhou Yongkang told state news agency Xinhua.
