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Zimbabwe received 80 million yuan grant from China

by Byo24NEWS
18 Jan 2011 at 01:21hrs | Views
CHINA has given Zimbabwe an 80 million yuan (over US$12 million) grant to fund various development projects that are yet to be agreed on by the two parties, a Cabinet minister has said.

Industry and Commerce Minister Welshman Ncube told journalists after meeting Chinese Vice Minister of Commerce Mr Zhong Shan in Harare yesterday that the two countries signed two agreements on economic and technical co-operation as well as agricul- ture.

He said the agreement on agriculture would see the Chinese Government seconding agricultural experts to Zimbabwe to bolster the country's agriculture sector. Minister Ncube said they discussed bilateral relations between the two countries, adding that they wanted to increase the volume of trade to US$1 billion in the next few months.

"We had a meeting with the Chinese delegation led by the country's Vice Minister of Commerce who is responsible for international trade in China."

"We signed three broad agreements and these were done through the Ministry of Finance."

"The first one was a grant of 80 million yuan provided by the Chinese government for projects yet to be agreed on."

"The second one was on economic and technical co-operation and we have agreed on what needs to be done in that area."

"The last is a letter of understanding on agriculture where China will send its agriculture experts starting with five to assist in agriculture development."

"Our trade relations as of last year amounted to US$520 000 and we are trying to push that to US$1 billion," he said.

Minister Ncube said the two countries discussed the possibility of Chinese companies buying Zimbabwean diamonds and partnering the Zimbabwe Mining Development Corporation to mine diamonds in Marange.

In the afternoon, the delegation paid a courteous call on Acting President John Landa Nkomo at his Munhumutapa offices.

Minister Ncube said the courtesy call was to brief the Acting President on the agreements they had signed.

Last year, Zimbabwe received a number of Chinese business delegations that wanted to invest in the country mainly in the agriculture and mining sectors.

Source - Byo24NEWS