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Nov. 19 (Bloomberg) — Zimbabwe’s government and a Chinese joint venture signed an $8 billion accord that will result in investment in the southern African country’s mining, energy and housing industries, the Herald reported.
China Sonangol, a Chinese-Angolan venture, may invest in gold and platinum refining, oil and gas exploration, fuel procurement and distribution, and housing development, the Harare-based newspaper said, citing Misheck Sibanda, chief secretary in the presidency. The deal is the largest since Zimbabwe formed a power-sharing government in February, it said.
A “significant” amount of the $8 billion is already being held by domestic financial institutions involved in the deals, the newspaper said.
Good to see you back around Gyppo.
I have been reading a bit lately about China buying up a lot of food proucing areas in other countries.
The fact they are contending with is that they will have massive difficulty feeding their own population within 10 years and buying these tracts means they won’t be so exposed to food commodity fluctuations (in addition to oil).
On the other hand, Saudi Arabia is doing the same thing, possibly because they already have the internal capacity and infrastructure to trade and move commodities and so are positioning themselves to supply China. (that’s just a theory though).
I also think there is a really large portion of good old fashion xenophobia in the reporting on this topic. Reminds of the 80s with the Japanese.
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