Patrick Chinamasa. Picture: ANA

JOHANNESBURG - Zimbabwe has signed a US$153 million loan agreement with the China Eximbank to expand its international airport in the capital Harare, online publication Construction Review reported.

It quoted finance and economic development minister Patrick Chinamasa as saying the project, which had been ratified by parliament and would commence soon, would restore Zimbabwe and Harare’s position as an international and regional hub.

Improvements would include introduction of state-of-the-art passenger processing and facilitation equipment and systems, as well as rehabilitation of the runway and airfield lighting.

"We expect increased traffic at the airport as has been evidenced by traffic growth at the Victoria Falls international airport after completion of that development project,” Chinamasa said, referring to Zimbabwe's main tourism attraction in the northwest of the country.

The concessional loan agreement has a seven year grace period, with a 0.25 percent commission fee, a two percent annual interest rate, and management fees pegged at the same rate with a tenure of 20 years.

- African News Agency (ANA)