President Robert Mugabe of Zimbabwe and President Hu Jintao of the People's Republic of China during a trip to that socialist nation. Zimbabwe has developed closer ties with the PRC over the decades.
Originally uploaded by Pan-African News Wire File Photos
From Caesar Zvayi in HONG KONG
Zimbabwe Herald
China yesterday extended RMB80 million to Zimbabwe for development projects to be mutually agreed between Harare and Beijing, bringing to RMB100 million (US$15,2 million) the total assistance the emerging power has extended to the country this year.
The latest extension of assistance follows the release of RMB20 million in March.
The financial package was unveiled during a meeting between President Mugabe and Chinese President Hu Jintao in Beijing yesterday.
The two leaders met at the Great Hall of the People opposite the iconic Mao Tse Tung Mausoleum.
They agreed to the establishment of a financial institution to facilitate trade, agricultural support and implementation of the framework agreed to under the Forum on China Africa Co-operation.
President Hu yesterday said: "China supports the Zimbabwe Government’s hard work to restore and develop the economy, and is willing to push forward co-operation in mining, agriculture, infrastructure and other sectors."
He said China would also explore new forms of economic co-operation and hoped to deepen political ties.
President Hu urged the two sides to boost high-level exchanges and promote co-operation between government departments, legislative bodies and political parties.
He also said the two countries should keep in close communication on issues that concern each other’s core interests.
China pledged to expand cultural exchanges with Zimbabwe, especially in areas like the arts, education and human resources training, President Hu said.
President Mugabe praised China’s resolve to maintain close ties with Zimbabwe despite Western attempts to isolate Harare.
He said he hoped to see more co-operation in trade, infrastructure, education and health among others.
"We thank China for their longstanding vigorous support and unselfish help to Zimbabwe," President Mugabe said.
He invited President Hu to visit Zimbabwe on his next tour of Africa.
On his part, President Hu hailed President Mugabe’s outstanding contribution to the cause of the developing world.
After that meeting, he met Deputy President Xi Jinping at Diaotayu State Guest House for closed-door talks, which was followed by a dinner in his honour.
The RMB80 million comes on the heels of pledges by China’s two main banks — the China Development Bank and China Exim Bank — to extend financial assistance to Zimbabwe to finance programmes integral to economic turnaround in the short- and long-term.
Officials from the two institutions made the pledges during a meeting with President Mugabe and his delegation at the Anhui Foreign Economic Construction (Group) Co headquarters in Anhui Province on Thurs-day.
China Exim Bank, a government-owned institution under the leadership of the State Council, was established in 1994 as a policy bank that enjoys the same international ratings as China’s sovereign ratings.
The China Development Bank is also a full government bank under the State Council and is responsible for raising funding for large infrastructure projects.
The two banks’ pledges came in the wake of President Mugabe’s call to investors to explore the vast opportunities available in Zimbabwe, particularly in infrastructure development which he said was key to economic development.
Afecc officials in turn announced plans to set up a bank in Zimbabwe and asked President Mugabe to assist in the speedy issuance of a banking licence.
Afecc is a Chinese conglomerate that specialises in national and international engineering contracting.
Earlier on, at Anhui’s Golden Peacock Tourism Resort Spa, President Mugabe and First Lady Amai Grace Mugabe each planted a tree to symbolise the strong bond that exists between Zimbabwe and the Anhui Foreign Economic Construction (Co) Group.
Afecc honoured President Mugabe by naming the road that cuts through their sprawling, five-star after the Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces.
President Mugabe and his delegation arrived in Hong Kong yesterday evening.
On Wednesday he attended the Shanghai World Expo when the showpiece centred on Zimbabwe.
2010 marks the 30th anniversary of the establishment of diplomatic ties between the two nations.
Zimbabwe has already benefited from various infrastructural and agricultural investment programmes involving China.
On the political front, in 2008 China and Russia invoked their veto powers in the UN Security Council to thwart Anglo-American efforts to get the body to impose sanctions on Zimbabwe.
The West already have illegal sanctions on Zimbabwe due to the revolutionary land reform programme and have of late tried to stop the country from selling diamonds mined in Chiadzwa.
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