Online Reporter
Wallace Ruzvidzo. Zimpapers Reporter
PRESIDENT Mnangagwa yesterday presided over the signing ceremony of a US$55 million Economic and Technical Co-operation Agreement between Zimbabwe and China, which will finance programmes and projects to be agreed by the two countries.
The two countries also Exchanged Letters for Food Assistance worth US$6,9 million, in a consolidation of the strong and fruitful relations that exist between Harare and Beijing.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube and Chinese Ambassador to Zimbabwe Zhou Ding, signed the two agreements on behalf of their respective countries at a ceremony held at State House in Harare.
Prof Ncube said the two agreements were a demonstration that China was truly Zimbabwe’s all-weather friend.
“Today, we sign an Economic and Technical Cooperation Agreement worth RMB Yuan 400 million (approx US$55 million) to finance programmes and projects to be agreed by the two parties.
“The support will be invested in key priority areas of our economy.
“Today we sign again, Exchange Letters worth RMB Yuan 50 million (approx US$ 6,9 million) for Food Assistance in the form of white rice.
“Indeed, the People’s Republic of China has demonstrated that they are our all-weather friend through the invaluable support they have consistently rendered to the people of Zimbabwe,” he said.
The previous Economic and Technical Co-operation Agreement signed between Zimbabwe and China in 2020 was worth US$41,4 million.
Last year, Zimbabwe received emergency food assistance worth US$4,1 million from China.
Prof Ncube said China has been supporting Zimbabwe’s various economic sectors towards the realisation of an upper-middle-class economic status by 2030.
He singled out the Hwange units 7 and 8 expansion, Kariba South Hydro Power Station Extension, Expansion of the Robert Gabriel Mugabe and Victoria Falls International Airports, construction of the New Parliament Building and a new National Pharmaceutical Warehouse, among other programmes and projects.
“On behalf of the Government of Zimbabwe, I would like to take this opportunity to sincerely thank the People’s Republic of China for the continued support towards the people of Zimbabwe.
“The support comes mainly in the form of grants, concessional loans, humanitarian as well as technical assistance, among others,” said the Finance Minister.
On his part, Ambassador Zhou said China cherishes its relationship with Zimbabwe hence the Economic and Technical Co-operation Agreement and Exchange of Letters.
China has been a foremost supporter of Zimbabwe’s development efforts, especially in the wake of punitive and undeserved Western sanctions.
“Since the inception of the Second Republic, we have joined hands to complete many landmark projects. Each project represents a building block in Zimbabwe’s journey towards industrialisation and modernisation,” Ambassador Zhou said.
China, he said, remained Zimbabwe’s largest source of investments over the years, with cumulative investments exceeding US$4 billion, including over US$500 million in the past year alone.
“Our economic and trade relations continue to reach new heights.
“In 2024, bilateral trade surged to US$3,8 billion, with 24 percent year-on-year growth.
“These figures speak to the enduring strength, dynamism and forward momentum of our bilateral relations.
“China has recently announced a zero-tariff policy for all imports from African countries, including Zimbabwe, an unprecedented step in international relations,” said Ambassador Zhou.
In giving the vote of thanks, the Deputy Minister of Finance, Economic Development and Investment Promotion, Kudakwashe Mnangagwa, said the two agreements would go a long way in enhancing Zimbabwe’s economic growth and development.
“Today, we witness the signing of a significant agreement on economic and technical cooperation, as well as the Exchange of Letters with the assistance of China.
“I would like to extend my sincerest gratitude to the People’s Republic of China for their commitment to strengthening our bilateral relations,” he said.
