“We have entered into a currency swap arrangement; what this means is that there are those who would be investing in Zimbabwe from China and those who require their proceeds to be remitted back to China.”
Harare — Zimbabwe and China have signed a currency swap deal in a move expected to bolster trade between the two countries, following a visit by Chinese foreign affairs minister Wang Yi to Harare.
China is funding projects worth more than $2bn in Zimbabwe, including expansion of the country’s main power plant, refurbishment of the central airport, and construction of a new parliament building for a planned new city on the outskirts of Harare. “The idea is those individuals will then swap [currency] so that those who are investing in Zimbabwe are able to give them a domestic currency, and they use the foreign currency — which they are bringing in for investment — to pay those who are exiting.”
In his remarks at the end of his visit to Africa soon after meeting President Emmerson Mnangagwa, Wang said the volume of trade between China and Africa exceeded $200bn in 2019.
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