CDB pledges loan to subsidiary of Zimbabwe Broadcasting Corporation for provision of 24 radio and TV transmitters
Constant 2017 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Communications (Code: 220)
Leading up to a memorandum of understanding agreement (MOU) signed in March 2006 by President Mugabe, representatives from the Chinese private telecom company Star Communications signed a $63 million agreement with the the Zimbabwean state-owned media entity Transmedia — a subsidiary of the Zimbabwe Broadcasting Corporation — for the provision of 24 transmitters for the Zimbabwe national radio and television network on 23 October, 2005 (See: Chinese Delegation Jets in).The installation of the transmitters would reportedly increase the percentage of the population with access to radio and television to 90% (from a baseline level of 30%) (See: Electronic media blackout looms). More specifically, it was envisaged that the transmission equipment would used to repair broken equipment, upgrade four radio networks, upgrade Zimbabwe Television, add two additional radio networks, and establish nearly 60 new community radio stations with a planned completion date of the end of 2007 (See: TRANSMEDIA IN ZIMBABWE SEEKS $64 MILLION FOR EQUIPMENT). China Development Bank agreed in principle to provide a loan for this project (See: Chinese Delegation Jets in). The loan was to be repaid with the proceeds from a joint venture mining agreement between Chinese investors and the Zimbabwe Mining Development Co-operation (ZMDC) (See: Chinese Delegation Jets in). The Chinese investors reportedly expressed a special interest in the mining of chrome along the Great Dyke as well as nickel and other base metals (See: Chinese Delegation Jets in). The Reserve Bank of Zimbabwe agreed to assist ZMDC with the remittance of foreign currency back to China (See: Chinese Delegation Jets in).Officials involved in the deal included Deputy Director of China Development Bank Zhao Jianping, President of Star Communications (China) Pang, Governor of the Reserve Bank of Zimbabwe Dr. Gideon Gono, Chief Executive of Transmedia Alfred Mandere, and Permanent Secretary in the Zimbabwe Department of Information and Publicity George Charamba (See: Chinese Delegation Jets in).
It is possible that the mining joint venture refers to Project ID#18537.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
TransMedia (pty) Ltd. [State-owned Company]
Implementing agencies [Type]
Star Communication Network Technology Co., Ltd. [Private Sector]; Zimbabwe Broadcasting Holdings (ZBH) [State-owned Company]
Accountable agencies [Type]
The loan was to be repaid with the proceeds from a joint venture mining agreement between Chinese investors and the Zimbabwe Mining Development Co-operation (ZMDC).