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Chinese Export and Credit insurance team arrives in Zimbabwe

by Staff Reporter
22 Sep 2015 at 19:29hrs | Views
A delegation from the China Export and Credit Insurance Corporation is in Zimbabwe to facilitate insurance cover on loan facilities extended to Zimbabwe's companies by Chinese banks.

The delegation is on a five-day working visit from 21 to 25 September.

The insurance firm's chairman, Mr Yi Wang held talks with the Minister of Finance and Economic Development, Patrick Chinamasa on modalities by the corporation to enable local firms to access long term loans at concessionary rates from financial institutions based in China.

While sources conversant with the talks say government has expressed commitment to work with the corporation, an economist, Mr Zacks Murerwa, said the plan will increase investment ties between the Zimbabwe and China.

"It is something that we can achieve, hopefully both parties will come up with a win-win situation,"  said Mr Murerwa.

Another economic analyst, Mrs Letina Undenge said there is also need for mining, energy, construction, manufacturing, agriculture  and food processing firms to engage the delegation on workable modalities to  borrow from Chinese banks.

"It is high time that there is a great commitment to work with such people for the betterment of this economy," she added.

The China Export and Credit Insurance Corporation is a state owned utility that provides short, medium and long-term export credit insurance, investment insurance, bond and guarantee business, debt and credit assessment services.

Source - zbc