Thursday, March 02, 2006

Yes, No, maybe

US extends sanctions against Zim's government
The decision renews his executive orders of March 2003 and November 2005, which freeze the assets of more than 100 people and 30 entities considered to be opposing reforms in Zimbabwe.

India business deal invests in Zim

HARARE (Reuters) - India's Global Steel Holdings said on Wednesday it would invest $400 million to rehabilitate Zimbabwe's ailing government-owned iron and steel works in a deal expected to boost output by more than 17 times.

The state-owned Zimbabwe and Steel Company (Ziscosteel), a key foreign currency earner before independence in 1980, has been plagued for more than a decade by a lack of capital to re-equip its plant.

"Ziscosteel has entered into a management contract with Global Steel Holdings Limited (GSHL) ... whereby GSHL would inject foreign currency for rehabilitation of Ziscosteel plant components," Zimbabwe central bank Governor Gideon Gono told a briefing attended by the Zimbabwe government and Global Steel officials in Harare.

The deal gives Global Steel a 20-year management contract for the plant, which will remain government-owned. The agreement marks one of the biggest foreign investments seen in recent years in Zimbabwe, which is struggling in the sixth year of a deep economic and political crisis.

EU Gives Zim 12 million Euros in Aid

Harare, Zimbabwe, 03/01 - The European Commission (EC), an arm of the European Union, Tuesday announced it had given Zimbabwe 12 million euros for humanitarian relief for the poor.

The donation follows another, of 19 million euros, the EC gave to Zimbabwe last week to cover the health sector for three years.

The EC said the humanitarian aid would cover areas such as food assistance and provision of clean water.

"The Commission`s objectives are to reinforce immediate food security needs and linking them with long-term recovery programmes."

They are also meant "to increase access to safe water sources and basic sanitation facilities and to contribute towards meeting the emergency needs of internally displaced persons and other venerable groups by providing them with food and non-food items," the EC said in a press release.

The European Union, citing alleged human rights violations and poor governance, has cut all aid to Zimbabwe except humanitarian assistance.

Hmmm...the investment by the Indian company is TEN TIMES the aid of the entire European Union...sorry, but 12 million Euros is not a lot of money...

I'll give a comparison: Amazon, the internet bookseller, raised 3.8 million dollars for tsunami victims...and that doesn't include the corporations and private gifts.

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