China withholds funding in Zimbabwe, including USD71m for NetOne

28 Oct 2019

A report from Zimbabwe says that Chinese financial institutions have suspended funding for a network upgrade project being carried out by state-owned cellco NetOne. The Independent writes that Chinese lenders are unhappy at the Zimbabwe government’s decision to seize USD10 million from a total of USD1.32 billion which is being held in an escrow account for a series of infrastructure projects. This includes USD71 million which was destined for NetOne. The report says that Chinese authorities have called it a ‘breach of trust and confidentiality’.

Zimbabwe, NetOne