CDB pledges loan for Zimbabwe Special Economic Zone and Industrial Park Project (linked to #63256)

On 9 July, 2015, a Memorandum of Understanding (MOU) regarding the Zimbabwe Special Economic Zone and Industrial Park Project was signed by six parties: Qingdao Hengshun Zhongsheng Group Co. (青岛市恒顺众昇集团股份有限公司), China Railway Eryuan Engineering Group Co. (中国中铁二院工程集团有限责任公司), Qingdao City Construction Investment Group Co. (青岛城市建设投资集团), Qingdao People's Government (青岛市人民政府), Zimbabwe Ministry of Industry and Commerce (津巴布韦共和国工商部), and China Development Bank. The term of this MOU is three years. The MOU refers to the construction of the national energy base in Hwange, industry base in Bulawayo, and the special economic zone and industrial park in Harare, where the Chinese companies planned to collaborate with the Zimbabwean Government. The special economic zone and an industrial park aims to improve the railway network, rail capacity, and use the rich coal resources to improve the electric capacity, mining equipment, and agricultural product processing to further stimulate the country's economic development and transformation. Qingdao Hengshun Zhongsheng Group, China Railway Eryuan Engineering Group, and Qingdao City Construction Investment Group will together invest and support the project to accelerate the progress, and CDB pledged to finance the project with a loan, recorded in linked project #63256. The loan value and details are unknown. The Chinese project title is 津巴布韦经济特区与工业园项目谅解备忘录 or 津巴布韦经济特区与工业园项目. According to People's Daily, on 27 October, 2016, Qingdao Hengshun Zhongsheng Group will invest $6 billion in the construction of the industrial park.

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