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China slowdown won't affect big Zimbabwe projects, says Chinamasa

by Agencies
07 Sep 2015 at 16:07hrs | Views

China's economic slowdown would not affect investment its firms or the funding of infrastructure projects such as roads and power stations Zimbabwe, finance minister Patrick Chinamasa has said.

China has emerged in the last 10 years as the biggest investor in Zimbabwe after President Robert Mugabe's government clashed with Western countries and international lenders including the International Monetary Fund and World Bank.

But the world's second-largest economy is headed for its slowest growth in 25 years this year and its markets have tumbled in the last few months, giving global markets a scare.

"Most of our FDI has come from China, I don't think this will be affected in my view. The Chinese companies which are coming to set up shop here, I think the appetite remains.

"We are also expecting investments into road construction, the dualisation of our road network and many other areas," he said, referring to creating two lanes each way on main roads," he said.

Chinese companies are currently upgrading a hydro-power plant and expanding the airport in the resort town of Victoria Falls for more than $700 million.

"But as a countermeasure in relation to minerals, we are trying to ramp up volumes to make up for the loss of prices and we hope that strategy will work," Chinamasa said.

He declined to give details on production of which minerals would be increased.

Source - Agencies
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