China Development Bank pledges $80 million loan for Mutare Paper Manufacturing Plant Project

$80M USD

Funder	China Development Bank (CDB)
Recipient Organization	Government of Zimbabwe
Country	Zimbabwe
Start Date	Aug 11, 2006
End Date	Jan 26, 2028
Duration	7,838 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`18744`

Grant Description

China Development Bank pledges $80 million loan for Mutare Paper Manufacturing Plant Project On 11 August, 2006, a Zimbabwean media outlet reported that China Development Bank would invest $80 million USD in the construction of a paper manufacturing plant in the city of Mutare, Zimbabwe while partnering with a number of local companies.

The three companies who helped organize the Zimbabwean side of the deal were Hunyani Holdings; Zimbabwe Newspapers (Zimpapers), Zimbabwe's leading consumer of newsprint; and the Forestry Company of Zimbabwe, the owner of commercial timber for paper production. There is no evidence that this project ever moved forward.

📋 Staff Comments

It should be noted that this planned paper plant is separate from the previously existing Mutare Board Paper Company in the city.

📚 Sources & References

Zim Ripe for Foreign Investment, http://global.factiva.com/aa/?ref=AFNWS00020060816e28b000kj&pp=1&fcpil=en&napc=S&sa_from=
China to sink $80m into white paper plant in Zim Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.