News:Zimbabwe's 5 mega deals and where there are now
<vote /> Zimbabwe has over the past few years signed deals and memorandum of understandings. The deals have been so numerous that it is difficult for one to keep track. Below is a list of deals Zimbabwe have signed and where they are now;
1. 9 deals with China
In August 2014, China and Zimbabwe signed 9 deals that would see the former providing financial services in crucial sectors such as energy, roads, national railway network, telecommunications, agriculture and tourism. Earlier this year there were reports that Zimbabwean Vice President, Emmerson Mnangagwa had met with Chinese diplomat Haung Ping who had reassured him that China would give Zimbabwe a special share of the $60 billion it intends to invest into Africa in the next three years. Nothing has yet materialised of these 'mega' deals.
2. $4 Billion deals
In December 2015, China's President Xi Jinping and President Mugabe reportedly signed deals worth $4 billion. The deals signed included the expansion of Hwange Power Station, construction of a new Parliament building and expansion of a national fibre optic broadband project. So far government parastatal have benefited from these deals with TelOne having received a $98 million loan from China Exim Bank for its network modernisation programme. Nothing much has been done as far as the other areas are concerned as the country still faces erratic power supplies and there is no new Parliament building in sight.
3. Dangote Deals
In August 2015, Nigerian business mogul Aliko Dangote visited Zimbabwe where he announced that he would set-up a $400 million cement factory in the country. In October the Zimbabwe Investment Authority issued licences to the Dangote Group paving way for Dangote to start implementing three business projects. The projects include; a cement manufacturing plant, a coal mining venture and a power plant using coal off take production. In September 2015, Dangote sent a group of delegates to register Dangote Cement Zimbabwe in preparation of building an integrated US$400 million cement plant at a location that is yet to be determined.
4. El badaoui Group Car Deal
In November 2015, there were reports in state media that Zimbabwe through the Minister of Industry and Commerce, Mike Bimha, had signed a memorandum of understanding with Italian firm El badaoui Group to enable Zimbabwe to start designing and manufacturing its own car model. El Badaoui group president Georges El Badaoui had visited the obsolete Willowvale Mazda Motor Industries to assess the infrastructure in place. After signing the memorandum of understanding, Bimha addressed journalists and said,
"Mr El Badaoui visited Willowvale Mazda Motor Industries to assess the infrastructure currently in place. We are working on the logistics of where the plant will be located and which institutions will be involved."
The ministry seems to be still working on the 'logistics' as the deal is yet to materialise.
5. Japanese deals
In March 2016, President Mugabe and Japanese Prime Minister Shinzo Abe signed economic deals. The Japanese pledged to assist Zimbabwe in infrastructural development and Japan pledged to fund local road infrastructure development.
In June 2016, Zimbabwe was reported to have signed numerous business deals with unnamed Japanese firms. The business deals were facilitated by a trade delegation that went to Japan. It was further reported that the Japanese firms could not be named due to the non disclosure agreements that were signed. The conditions of the agreements include skills transfer, with 40 Zimbabweans expected to go to Japan for training in vehicle manufacturing and refurbishments after which the Japanese would set up a vehicle reconditioning plant within the next three years. The Japanese would also ship over 500 new and reconditioned vehicles as well as 10 000 tractors that would be sold on hire purchase. Business person Smelly Dube also signed an energy deal that will see a Japanese company build a solar field in Harare South that will produce 200MW. The company will also set a plant to produce LED lights that consume less power.
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