China To Build Zimbabwe's New Parliament, Signs $230 Million Agreement (Updated)
The People’s Republic Of China and Zimbabwe signed loan agreements worth nearly USD230 million on Wednesday. The agreements were signed by Finance Minister Patrick Chinamasa and Chinese Ambassador, Huang Ping. The money will be used to fund the construction of the new Parliament Building and to upgrade the Robert Gabriel Mugabe International Airport. The loan for the upgrading and refurbishment of the Robert Gabriel Mugabe International Airport amounts to USD153 million and is payable in 20 years with interest rates of 2% per annum. According to Chinamasa, the refurbishment of the Airport will lead to more tourist arrivals.
The new parliament which will be located in Mount Hampden and is expected to accommodate 650 people. Chinamasa also said that the two projects are expected to take 24 months to complete. Though Chinese contractors have been assigned to work on the project, Chinamasa said that the two projects are going to create a lot of employment.
The finance minister praised the Chinese for the loan agreements and described the occasion as historic.
Update: The money being extended by the Chinese for Zimbabwe’s new Parliament building is actually a grant and not a loan, meaning that it will not need to be paid back.
Image Credit: Clarkson Mambo
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