World Media

China To Build Zimbabwe's New Parliament, Signs $230 Million Loan Agreement

China To Build Zimbabwe's New Parliament, Signs $230 Million Loan Agreement

Zimbabwe's new government promised to re-engage with worldwide lenders, curb spending and attract investors to revive its battered economy, as it launched its first budget since the fall of Robert Mugabe on Thursday.

The loan, which has a 20 year repayment period including a seven (7) year grace period, has an interest rate of 2% per year.

Finance Minister Patrick Chinamasa also said the government would amend indigenization laws, limiting a 51-percent local ownership requirement to just the platinum and diamond sectors.

Zimbabwe is constructing a new state-of-the-art Parliament in Mt Hampden which is expected to be able to accommodate about 650 legislators.

The financing agreements are the first to be signed by Zimbabwean President Emmerson Mnangagwa's new administration and are a fulfillment of some of the projects agreed between Zimbabwe and China during Chinese President Xi Jinping's visit in 2015.

Recent Institutional Activity: General Mills, Inc. (GIS), American Airlines Group Inc. (AAL)
Birinyi Associates Inc increased Chipotle Mexican Grill Inc (NYSE:CMG) stake by 1,400 shares to 3,400 valued at $1.42M in 2017Q2. The airline reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02.

"We are back on the economic track and we are ready to get the economy moving and you are going to see more investment deals being penned in the not far future", he said.

"The unsatisfactory performance of the economy is being underpinned by declining domestic and foreign investor confidence levels, against the background of policy inconsistencies in an uncertain and uncompetitive business environment", Chinamasa said.

Signing the agreement, Chinese Ambassador Huang Ping said more deals with the Zimbabwean government would be propping up soon.

He said China was pleased to be lending financial support to Zimbabwe at "this new juncture of Zimbabwe's social and economic development".

"I want to take this opportunity to extend our gratitude and appreciation to China for the support that they have availed", Chinamasa said.


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