Zim gets loan for solar projects: A Chinese telecommunications company operating in the country has extended a concessionary loan to the Zimbabwean government to be channelled towards solar power projects. A 7-member delegation representing the Chinese state-owned telecommunications giant, ZTE Corporation, paid a courtesy call on Acting President Joice Mujuru where modalities on the loan were discussed. The concessionary loan, which will be managed by the Exim bank of China, will be repaid over 20 years attracting 2.5 percent interest. Leader of the delegation, ZTE Chairman Mr Hou Wei Gu, who was speaking through an interpreter, said his company has been operating in Zimbabwe since 2001 and has not encountered any challenges. He said some rural provinces in China rely on solar energy which is environmentally friendly compared to power derived from hydro and thermal energy sources. Cde Mujuru applauded the telecommunications company for investing in the country’s ICT sector. Cde Mujuru said the Zimbabwean government has managed to give the people land, but the land is not being fully utilised in some areas due to lack of electricity for irrigation. She explained to the delegation that wheat is planted in winter and requires irrigation, adding that the country requires at least 400 000 tonnes of wheat a year, but this past season’s yield is just above 50 000 tonnes. Cde Mujuru told the delegation that Zimbabwe is pinning its hope of enhancing food security on irrigation and investors willing to venture into solar power will be most welcome. Meanwhile, ZTE also donated some communication equipment and 20 computers to the government of Zimbabwe. The delegation, which also consisted of the executive vice president of the company, senior vice president for the Middle East and Africa and the vice president for the Southern African region and the managing director and technical director of the Zimbabwe office, was accompanied by the Chinese ambassador to Zimbabwe, Mr Lin Lin.
Posted on: Fri, 27 Sep 2013 19:45:43 +0000