Zimbabwean President Emmerson Mnangagwa said that Chinese firm Sinosteel Corporation has given the nod to invest USD 1 billion in Zimbabwe for building a power plant.
Zimbabwean President Emmerson Mnangagwa said that Chinese firm Sinosteel Corporation has given the nod to invest USD 1 billion in Zimbabwe for building a power plant and increasing ferrochrome output.
Sinosteel president Andong Liu said the Chinese company plans to increase ferrochrome output at Zimasco, in which it holds a majority stake, by 120,000 tonnes per year to 300,000 tonnes over the next five years.
Sinosteel also plans to build a 400-megawatt coal bed methane-fired power plant in western Zimbabwe, the firm’s president added at a news conference with Mnangagwa.
“We will continue to review our process to facilitate investment inflows as well as ease of doing business,” Mnangagwa said after the signing of the investment agreement.
Mnangagwa, who came to power in November 2017 after a de facto military coup ended Robert Mugabe’s 37-year rule, has promised to rebuild the economy by opening it up to foreign investors.
China has emerged as one of the major investors in Zimbabwe after refurbishing the Kariba Dam hydro plant and Zimbabwe Iron and Steel plant.