China wants Zim mineral proceeds as collateral for loans

China wants Zim mineral proceeds as collateral for loans
Published: 07 May 2014

China wants Zimbabwe to use its mineral proceeds to guarantee any future loans, a Chinese official said on Tuesday, adding that Beijing had already extended nearly $1.5 billion in the last three years to Harare's ailing economy.

Outgoing Chinese embassy economic and commercial counsellor Han Bing said the China Import and Export Bank and officials from the ministry of finance  were working on technical details of the arrangement.

"We are discussing whether we can take proceeds of sales for some minerals as collateral for the loans," said Han.

"The bank and the team from the ministry of finance are now working at a technical level on how they can set up such a mechanism, how much the collateral would be and how much loans they (Zimbabwe government) can get."

In principle, the funding request and use of minerals as collateral has already been accepted, Han added.
- Zim Mail
Tags: Minerals,

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