ZISCO to meet renewal expenses through Chinese bank
It is reported that the Export and Import Bank of
China and
Zimbabwe Iron and Steel Comp. (ZISCO) have signed an agreement for the rescheduling of a loan to be used for the renewal of the company. Visit by the officials of the bank is expected to take place next month.
With this investment, through the loan worth $42 million, the no.4 blast furnace of ZISCO will be modernized, resulting in increase of
production and earnings. Besides, this agreement between
Zimbabwe and
China will pave the way for more loans directed to the country from the latter.