HARARE Zimbabwe (Xinhua) --
Zimbabwe and China on Monday signed a
1-billion-U.S.-dollar Memorandum of understanding (MoU)
for establishing a steel plant that can produce up
to 2 million tonnes of steel per annum.
is among several deals signed at the start of a
four-day Zimbabwe-China Business Forum that is being
attended by a high-powered Chinese delegation from
delegation is being led by Che Jun, secretary of
Zhejiang Provincial Committee of the Communist Party
of China (CPC).
the delegation was in Zimbabwe to scout for business
and investment opportunities to help Zimbabwe
industrialize its economy.
Zhejiang delegation’s trip to Zimbabwe follows
President Emmerson Mnangagwa’s visit to China in
April, during which several other investment and
cooperation agreements were signed between the two
countries, which elevated their ties to a
comprehensive strategic partnership of cooperation.
Zhejiang was keen to inject investment in Zimbabwe
to enable it to meaningfully participate in the Belt
and Road Initiative.
wealthy coastal province of China, Zhejiang’s trade
with Zimbabwe stood at 160 million U.S. dollars in
2017, accounting for 12 percent of China’s total
trade with Zimbabwe.
Permanent Secretary in the Ministry of Mines and
Mining Development Munesu Munodawafa told Xinhua
that the deal includes establishment of a
600-megawatt thermal power station to supply power
to the steel plant that will be based in the Midland
Province of Zimbabwe.
feasibility studies for the project will start on
July 1 followed by a roll-out plan.
project is being spearheaded by a subsidiary of
Chinese firm Tsingshan in Zimbabwe, Afrochine, which
is already into ferrochrome production.
anticipate that when it’s fully operational, this
project will create up to 3,000 permanent jobs and
produce up to 2 million tonnes of steel per year
over the life of the project which we have put at
about 25 years,” said Munodawafa.
“Tsingshan is one of the top five producers of
stainless steel in the world. We believe we have
chosen the best and we believe we will get the best
out of them,” he said.
the forum, Zimbabwean President Emmerson Mnangagwa
urged investors from the two countries to take
advantage of the elevation of ties between the two
invited more Chinese firms to exploit Zimbabwe’s
vast investment opportunities.
forward to massive investment by Chinese companies
that will see Zimbabwe fulfilling its vision of
becoming a middle-income economy by 2030,” he said.
invited Chinese financial institutions to establish
in Zimbabwe and offer affordable financial solutions
to the country as it pushes with its economic
revival agenda after years of international
Electoral body to allow roving agents between
HARARE, (Xinhua) --
The Zimbabwe Election Commission (ZEC)
on Monday said it will allow “roving” elections
agents for political parties who will move from one
polling station to another observing the conduct of
the elections on July 30.
past, election agents were stuck to only one polling
statement, ZEC said it had complied with the
provisions of the electoral law and will permit
political parties to provide lists of national and
provincial designated office bearers to appoint one
person for each ward in which they are fielding
candidates to be roving agents.
eligible to appoint roving agents a political party
must have supplied the stated lists of office
bearers in the period starting from the fourth day
after the publication after the publication of the
proclamation and ending two days before the sitting
of the nomination courts, that is, the period from
June 3-12, 2018,” ZEC said.
nomination court for the forthcoming elections will
sit on July 14.
Constitution provides for political parties to
provide lists of candidates to be elected under
proportional representation in the Senate, for women
in the National Assembly and in the 10 provincial
210 constituency seats will be contested in the
National Assembly, there will be 60 seats for the
Senate with six seats provided for each of the
country’s 10 provinces.
allocation will be divided equally between men and
women, with party lists starting with names of
will also be 60 seats reserved for women in the
National Assembly and another 80 for provincial
councils outside the metropolitan provinces of
Harare and Bulawayo.
party-list system is province-based and the number
of seats which each party gets will depend on the
total number of constituency votes that party gets
in that province.
from the political parties, the Constitution
provides for the election of 18 senator chiefs
elected by chiefs’ councils and two other senators
representing people with disabilities.
yuan as reserve currency
makes sense for Africa: Rwandan analyst
KIGALI Rwanda (Xinhua) --
It “completely makes sense” for
Rwanda and other African countries to use the
Chinese yuan as a reserve currency, especially for
those transacting with China, a Rwanda economic
in May attended by financial officials from 14
Southern and Eastern African countries had agreed on
the need to use the Chinese yuan as a reserve
currency as China was playing an active role in
Rwanda is transacting with many other countries,
having more than one reserve currencies will benefit
the country, said Teddy Kaberuka in an interview
with Xinhua recently.
will be very useful as the reserve currency helps to
finance Rwanda’s imports mostly from China, said
agreement between the two countries to facilitate
transactions with each other and collaboration in
the usage of the yuan will benefit the two
countries, he said.
suggested China investing in the financial sector of
Rwanda and Africa through Chinese banks, saying this
will help the Rwandan economy access the Chinese
economy, thus facilitating transactions between the
two sides and help the central bank of Rwanda get
According to Doreen Makumi, Corporate Communications
Manager at National Bank of Rwanda, Rwanda has the
yuan in its foreign reserves since 2016, as the yuan
is becoming a global reserve currency and is part of
special drawing rights basket of International
Including the yuan as part of the country’s foreign
reserves are also motivated by the growing trade
relationship between China and Rwanda, and for
diversifying Rwanda’s foreign reserves, Makumi told