News / National
Harare in US$200 million deal with a Chinese firm
27 Apr 2011 at 16:09hrs | Views
The Harare City Council has entered into a US$200 million project with a Chinese firm, a development that will see the city diversifying into the production of textiles, oil and stock feeds.
The council has been struggling to provide efficient services due to a shrinking revenue base, but hopes are high that this strategic partnership with a Chinese firm will boost the council's revenue base and eventually its capacity to embark on various development programmes.
Town Clerk, Dr Tendai Mahachi confirmed that the company, Ningbo Baitai of China, has committed US$200 million to establish a textile manufacturing, oil processing and stock feed business.
Mahachi said they have entered into a strategic partnership with a Chinese firm and the company is bringing in cash while we provide land and expertise.
All the projects are expected to be complete by December 2013.
The city's equity in all the ventures is the land, local expertise and resources while the investors bring in cash.
Dr Mahachi said the city has decided to embark on these ambitious ventures to augment their revenue base as the rates being paid by residents in the capital is not enough to carry out various development programmes in city.
Land for the project has already been allocated near High Glen Shopping Centre.
Construction is expected to begin next month.
The council has been struggling to provide efficient services due to a shrinking revenue base, but hopes are high that this strategic partnership with a Chinese firm will boost the council's revenue base and eventually its capacity to embark on various development programmes.
Town Clerk, Dr Tendai Mahachi confirmed that the company, Ningbo Baitai of China, has committed US$200 million to establish a textile manufacturing, oil processing and stock feed business.
Mahachi said they have entered into a strategic partnership with a Chinese firm and the company is bringing in cash while we provide land and expertise.
All the projects are expected to be complete by December 2013.
The city's equity in all the ventures is the land, local expertise and resources while the investors bring in cash.
Dr Mahachi said the city has decided to embark on these ambitious ventures to augment their revenue base as the rates being paid by residents in the capital is not enough to carry out various development programmes in city.
Land for the project has already been allocated near High Glen Shopping Centre.
Construction is expected to begin next month.
Source - Byo24News
