"We have met with officials from China Development Bank and they have said they are willing to invest up to $10 billion in Zimbabwe," Tapiwa Mashakada, minister of economic planning and investment promotion, told Reuters on the sidelines of a business conference in Harare.
This is the latest propaganda material in which the MDC is fronted and their Ministers made to sign so called bilaterall agreements which hands over mineral rights to Chinese government.
The timing of this announcement also coincides with the legendary Zanu PF electioneering which dates back to 1980 when every other election there has been announcement of Chitungwiza-Harare railway line. At some point, the then Minister of Transport the late Enos Chikoore believed in his party’s propaganda and removed the Amato bus terminus in preparation for a train station.
There are so many Zanu PF projects which pops up ahead of every election; the Tokwe-Mukosi and Kunzvi dams are the legendary ones.
In 2009, it was reported that the government of Zimbabwe and a Chinese joint venture company had signed five strategic co-operation agreements that would see the country receive US$8 billion in investment deals in several sectors of the economy. None was seen benefiting the economy.
The deal with China Sonangol, a joint venture company between China and Angola, was reported to represent "the single largest foreign direct investment since the formation of the inclusive Government and one of the largest since independence".
At the time, the investment was said to include gold and platinum refining, oil and gas exploration, fuel procurement and distribution, and housing development.
A "significant" amount of the money is already being held by local financial institutions involved in the deals.
Zimbabwe requires approximately US$8 billion to revive the economy as envisaged under the Short-Term Emergency Recovery Programme, but the mobilisation of funds has been affected by the illegal sanctions imposed on the country by some Western countries.
In the same year, in July, the were reports that the coalition government and had China signed a US$5 billion loan deal securing half of the amount the inclusive Government needs in delivering its Short Term Emergency Recovery Programme (Sterp).
The deal was once again reported to be the largest deal that has ever been signed between the two countries and is secured on various mining and infrastructural development rights.
Finance minister Tendai Biti and Reserve Bank officials signed were said to have signed a Memorandum of Understanding (MoU) with China Exim Bank (CEB) guaranteeing the loan on June 2008.
CEB is the export and credit guarantee agency of the Chinese government in Africa.
State media said, under the deal Zimbabwe would get US$5 billion from CEB and in return the Chinese get some equity in a US$40 billion platinum concession.
Prime Minister Morgan Tsvangirai at the time, also announced that Zimbabwe had secured a US$950 million credit lines from the Chinese government.