Foreign loan deals favour external procurement says Chinamasa

These lifelines have significantly helped the country rebuild roads and power plants, with the US$553 million Kariba Hydroelectric Powers Station due for completion in 12018.

Thermal power projects in Hwange, have been funded by Chinese financiers for at least US$1.2 billion.

Buy Zimbabwe advocates for local procurement and consumption of goods and services.

Delegates at the conference pressed the Finance Minister to explain why he was not taking certain factors into consideration before deciding on which company would undertake certain projects.

He said procurement markets were getting complex worldwide.

Even if Zimbabwe was to access funding from development institutions like the International Monetary Fund and the World Bank, these were also insisting that tenders be floated across the global.

This would place Zimbabwean companies at a disadvantage.

Zimbabwe is in the grip of a blistering economic crisis, which is now in its 16th straight year.

The turmoil has been characterised by contracting markets, firm closures and tepid growth compounded by an international embargo.

As a result, business opportunities have been shrinking, and consumers have shifted to foreign products, leaving local companies in dire straits.- The Source

See also:

The Chinese are here- transactions for the Zimbabwe-China mega deals to be in Chinese currency

MDC-T legislators grill Mines Minister over mega Russian deals and diamond revenues

Zimbabwe and China signed deals worth $1.1billion during Chinese leader’s visit

Zimbabwe eyes $4 billion energy deals on Chinese president’s visit
 

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