Overview

CATIC pledges $70 million loan for Coal Mining Expansion and Rehabilitation Project

Commitments (Constant USD, 2023)$157,502,444

Commitment Year•2003Country of Activity•ZimbabweDirect Recipient Country of Incorporation•ZimbabweSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 16, 2003

Start (planned): Dec 16, 2003

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

China National Aero-Technology Import & Export Corporation (CATIC)

Receiving agencies

State-owned companies

Zimbabwe Electricity Supply Authority (ZESA)

Loan desecription

CATIC pledges $70 million loan for Coal Mining Expansion and Rehabilitation Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On 16 December, 2003, the Zimbabwe Electricity Supply Authority (ZESA) signed an MOU with China's National Aero-Technology Import and Export Corporation (CATIC) regarding a $70 million USD loan for a Coal Mining Expansion and Rehabilitation Project. The purpose of this project was to rehabilitate and expand the coal-mining Wankie Colliery Company in Hwange, Zimbabwe. As part of the deal the Zimbabwe Electricity Supply Authority, represented by its company chairman, Dr. Sydney Gata, would have offloaded its shares in the private Wankie Colliery to its own subsidiary, the Zimbabwe Power Company. It does not appear that this project ever came to fruition.