China Export and Credit Insurance Corporation (Sinosure) chairperson Wang Yi is in the country to meet Finance and Economic Development minister Patrick Chinamasa to deepen co-operation by way of providing a comprehensive insurance cover for loans and credit.
BY BUSINESS REPORTER
Yi arrived on Sunday and will be in the country until tomorrow.
Sinosure is a State-owned Chinese insurance company that is mandated with providing insurance cover for Chinese exports and credit facilities offered to overseas clients by the Asian giant’s institutions.
In statement, Chinamasa said Wang Yi was in Zimbabwe at the invitation of the government through the Ministry of Finance and Economic Development.
Chinamasa said in the meeting, government acknowledged previous Sinosure insurance cover for loan facilities such as for Ziscosteel, agricultural equipment and machinery, supply of medical equipment and supplies and rehabilitation and development of municipal water and sewage treatment works.
Keep Reading
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
He said government acknowledged that further co-operation with Sinosure would benefit from the signing of a Memorandum of Understanding (MoU) between the government and Sinosure last year.
“The minister took note of Sinosure’s expressed desire to deepen co-operation by way of providing a comprehensive insurance cover, at a time when government is making notable progress with regard to initiatives that support funding of ZimAsset priority projects towards development of energy, agriculture, infrastructure development, mineral exploration, and value addition and beneficiation,” he said.
Chinamasa said further deepening of co-operation with Chinese financial institutions should also benefit from development of Project-Based Financing Models, which take account of revenues from projects under consideration as part of the security and lending criteria and capitalisation of interest, to allow for project cash flows to provide for loan repayments.
Chinamasa also said at the forefront of government’s priorities with regard to further co-operation with Chinese financial institutions was energy, also against the background of the regional power deficit across the Sadc region.
He said interventions in that aspect would also include support for bankable private sector projects in the area of energy.