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China Provides 3.6 Million US Dollar Loan to Zimbabwe
The Chinese government Thursday provided an interest-free loan of 30 million yuan (about 3.6 million US dollars) to the Zimbabwean government.
According to an agreement signed here between the two governments, the loan will be utilized within a period of five years starting from September 1, 2001 to August 31, 2006.
The loan should be used for implementing economic and technical cooperation projects in Zimbabwe, which will be decided through consultations by the two governments.
The loan will be repaid by the Zimbabwean government in installments over a period of 10 years starting from September 1, 2011 to August 31, 2021.
At the signing ceremony, Sun Zhenyu, vice minister of the Ministry of Foreign Trade and Economic Cooperation of China, said the loan is the follow-up action after last year's China-African Cooperation Forum in Beijing.
Speaking on the same occasion, Chris Kuruneri, vice minister of Zimbabwe's Ministry for Finance and Economic Development, expressed his thanks for the aid by the Chinese government.
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