Zimbabwe's new government plans to reduce diplomatic missions and ban first-class travel for everyone but the president as it tries to revive a devastated economy after longtime leader Robert Mugabe resigned last month.
The loan, which has a 20 year repayment period including a seven (7) year grace period, has an interest rate of 2% per year.
Finance and Economic Development Minister, Patrick Chinamasa, and Chinese ambassador to Zimbabwe Huang Ping signed the agreements on behalf of their respective governments.
"This is part of the negotiations we started in 2013 which were also cemented by the state visit by his excellence MR X1Jingping in December 2015, where he also pledged to support the construction of a new parliament", said Chinamasa.
Zimbabwe is constructing a new state-of-the-art Parliament in Mt Hampden which is expected to be able to accommodate about 650 legislators.
Nissan to begin field tests for 'robo-taxis'
This new service is aimed at introducing a new mobility option to complement the area's current transportation network. Japanese vehicle giant Nissan has announced it will begin testing autonomous "robo-taxis" in Yokohama from March.
Chinamasa said the deal was the country's first investment deal under the leadership of President Emmerson Mnangagwa.
"The agreements we have signed today are just a testimony of our efforts and our friendship that withstands the test of time".
"The Chinese government will continue to support the Zimbabwean government and people in their economic revival and social development", he said.
He said China understood that Zimbabwe was not only operating under Western imposed sanctions but that it also did not have access to outside financial support.
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