Bloomberg reported that Zimbabwe’s government and a Chinese joint venture signed an USD 8 billion accord that will result in investment in the southern African country’s mining, energy and housing industries.

The Harare based newspaper said, citing Mr Misheck Sibanda chief secretary in the presidency China Sonangol, a Chinese-Angolan venture, may invest in gold and platinum refining, oil and gas exploration, fuel procurement and distribution and housing development. The deal is the largest since Zimbabwe formed a power-sharing government in February.

The newspaper said a significant amount of the USD 8 billion is already being held by domestic financial institutions involved in the deals.

(Sourced from Bloomberg)