Latest News Editor's Choice

News / National

China refuses to give Mnangagwa US$5 Billion

by Mandla Ndlovu
13 May 2019 at 13:24hrs | Views
National Patriotic Front Spokesperson Jealousy Mawarire has refused to honour a USD$5 Billion loan that was requested by President Emmerson Mnangagwa's government.    

He further said the Asian country only pledged to honour the agreements made during the tenure of former President Robert Mugabe.

"I hear China refused to give them the $5billion they were looking for," Mawarire said. "Instead, only assuring them the Asian country will honour the agreements it entered with President Mugabe."

Mawarire added that China is said to have expressed disquiet over rampant corruption in the country and the unstable currency regime.

Recently the Zimbabwean government brought back the Chinese to the Chiadzwa diamond fields, three years after Mugabe drove them out on allegations of looting.

Chinese-owned Anjin was expelled by government on February 22 2016, along with Mbada Diamonds, on grounds that their special grant licences had expired. Prior to that, Mugabe had accused them of massive leakages and smuggling the gems out of the country.

Now under President Mnangagwa, Anjin and Russian diamond mining company Alrosa will spearhead the government's target of raising at least US$400m in revenue by the end of 2019.

They will form partnerships with the Zimbabwe Consolidated Diamond Company (ZCDC).

In January President Emmerson Mnangagwa did a roundtrip to EuroAsia where he met a number of heads of states including Russia's Vladimir Putin.

The trip which was aimed at courting foreign investors has not reaped any tangible results of late.

Source - Byo24News