(Yicai Global) Dec. 18 -- China CAMC Engineering Co. [SHE:002051], a subsidiary of China National Machinery Industry Corporation, will build a 300 kilometers long new transmission line and will upgrade three power substations in Zimbabwe in the southern part of the African continent. The total value of the project is over USD145 million.
Camc signed a contract with a Zimbabwean power transmission and distribution firm that operates under the ministry of energy and power development in the African country, the company said in a statement yesterday.
Located in Manicaland and Masvingo provinces of Zimbabwe, the project involves construction of a new 400kV transmission line of about 300km and the upgrading of three substations. The construction period is 30 months, said the statement. However, the project is subject to government approvals, receipt of advance payment and financing, it said.
The deal reflects China's increasing investments in Africa. China's foreign direct investment (FDI) in Africa was USD36.1 billion in 2016, a 106 percent increase year-on-year. China's 2016 FDI input in Africa ranked highest across three main metrics measured -- projects, capital investment and jobs, said Ernst & Young, multinational professional services firm. Last year, Chinese foreign direct investment in Africa far exceeded those of the other foreign national investors combined, it added.