Tongaat Hulett bails out Tokwe-Mukosi project

BUSINESS REPORTER Sugar giant, Tongaat Hulett Zimbabwe, has released $6,6 million to Salini-Impreglio JV towards the completion of the ...



BUSINESS REPORTER

Sugar giant, Tongaat Hulett Zimbabwe, has released $6,6 million to Salini-Impreglio JV towards the completion of the Tokwe-Mukosi dam project.
Salini-Impreglio JV is constructing the dam.
Tongaat Hulett Zimbabwe managing director, Sydney Mtsambiwa said proceeds from exports that were deposited into the Barclays nostro account were used to facilitate the payment.
"Tongaat Hulett availed foreign currency from its export proceeds to enable a critical stage of the dam construction to be completed," he said.
The deal was brokered through Barclays Bank of Zimbabwe, Tongaat Hulett's banking partners. On completion, the Tokwe-Mukosi Dam will be the largest in-land dam in Zimbabwe resulting in far-reaching socio-economic benefits for Masvingo communities.
The assistance is in addition to the $20,3 million released recently by the Infrastructure Development Bank of Zimbabwe to clear outstanding arrears. Last month, the Italian firm threatened to walk away from the project due to arrears.
The contractor was also not willing to be paid in United States dollars, but in euros, as its arrears were in euro terms.
The Tokwe-Mukosi dam has been under construction for over 15 years, with initial construction having started in 2001 and there were stops in between.
It has a capacity to provide water for 25 000 hectares of agricultural land.
– Newsday business

COMMENTS

advertisements
Name

advertisements,28,agriculture,45,As I see it,13,Business news,253,cartoon,2,Chibhorani talk,25,Comments,25,crime,327,Editor Pick,1,Education,206,Entertainment,186,Farming,2,fashion,5,Featured Post,4,Gossip,83,health,31,Local News,1010,Local Sport,36,News,992,News Ticker,3,Obituaries,1,Opinion,11,Police Alert,1,Recent,22,Religion,1,social,35,Sport,267,Story of the Week,2,Swag,1,swops,25,Swops Harare Region,10,Swops Manicaland Region,16,Swops Mashonaland Central,13,Swops Mashonaland East,11,Swops Mashonaland West Region,13,Swops Masvingo Region,22,Swops Matebeleland Region,9,Swops Midlands Region,12,Top Stories,156,Travel and Leisure,8,Your Views,8,
ltr
item
The Mirror: Tongaat Hulett bails out Tokwe-Mukosi project
Tongaat Hulett bails out Tokwe-Mukosi project
https://1.bp.blogspot.com/-ethE_2wS7iA/WDLCjKkopTI/AAAAAAAAToY/_V8L4lY2Ac4ciTOdgXXULR_k4QyErc3SgCK4B/s320/images-712601.jpg
https://1.bp.blogspot.com/-ethE_2wS7iA/WDLCjKkopTI/AAAAAAAAToY/_V8L4lY2Ac4ciTOdgXXULR_k4QyErc3SgCK4B/s72-c/images-712601.jpg
The Mirror
http://www.masvingomirror.com/2016/11/tongaat-hulett-bails-out-tokwe-mukosi.html
http://www.masvingomirror.com/
http://www.masvingomirror.com/
http://www.masvingomirror.com/2016/11/tongaat-hulett-bails-out-tokwe-mukosi.html
true
828417174542397797
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy