Platinum Agriculture and Princewood Enterprises have sealed deals worth over U.S $520 million which will see the procurement of mining, irrigation and other agriculture equipment from the Chinese giant, Lovol.
Princewood Enterprises Director, Dakarai Mapuranga, has been in quoted in the government-owned Zimbabwe Broadcasting Corporation confirming the mega deal with the Chinese.
“We have sealed a US$400 million deal with China’s Lovol company that produces heavy machinery for agriculture and mining, while a US$40 million revolving facility was secured with Good Agro-Rising for the supply of chemicals for tobacco and other export-oriented crops. Those wishing to benefit will do so through their banks as this is a revolving fund. Let me make it clear that nothing is being given for free like what happened under some previous facilities that have not been paid back,” he said.
Another Chinese company, Dayu Corporation, will supply centre pivots and drip irrigation equipment valued at over U.S $80 million.
Zimbabwe’s new President Emmerson Mnangagwa has been leading the investment drive which, so far, has seen many foreign companies showing interest in the country.
During Robert Mugabe era, the Southern African country scared away foreign direct investment because of the government’s poor policies. But after the November 2018 Coup which dumped Mugabe into the political dustbin, there has been a renewed interest on Zimbabwe.
Now Zimbabwe needs to hold credible election for it to lure serious foreign investors.
