China withholds funding in Zimbabwe, including $71 million for NetOne

China withholds funding in Zimbabwe, including $71 million for NetOne
Published: 28 October 2019 - 11:38 a.m.

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, according to a report.

The Independent writes that Chinese lenders are unhappy at the Zimbabwe government’s decision to seize $10 million from a total of $1.32 billion which is being held in an escrow account for a series of infrastructure projects. This includes $71 million, which was destined for NetOne. The report says that Chinese authorities have called it a ‘breach of trust and confidentiality’.

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