Clearance for $100 billion from China still pending

THE MINISTER OF MINES AND MINING DEVELOPMENT Walter Chidhakwa has said the government of Zimbabwe is still waiting for a clerance of the $100 billion facility extended to Zimbabwe by China Bank.

Speaking in parliament Chidhakwa said the US$100 billion facility is a facility that was extended to us by a Chinese bank through a supplier of equipment.

"The discussions at the moment are that the facility must be underwritten by Sinosure; we understand that clearance at the provincial level of Sinosure in China has been granted. We are waiting at the national level for Sinosure to give us the clearances," he said.

"At that point, once the necessary underwriting is done, then the facility will become available. It is a facility that we are very keen about and we hope that it becomes available sooner rather than later."