China Development Bank Corp, a state-controlled bank primarily responsible for raising funds for large infrastructure projects in the country, plans to acquire a majority stake in Infrastructure Development Bank of Zimbabwe, the state-owned Xinhua News Agency reported last week, citing an executive in charge of public relations in the Zimbabwean lender.

The executive said that the two banks are in the process of negotiations and the results will be disclosed at the appropriate time.   

However, the executive declined to indicate the specific stake that CDB plans to acquire and any details of the negotiation.

According to the report, Zimbabwean Minister of Foreign Affairs, Simbarashe Mubengegwi said early this month that he was very pleased to know the results of the negotiations, adding CDB would own a fairly large stake in IDBZ.

IDBZ, formerly known as Zimbabwe Development Bank, was established by Zimbabwean government to boost the country's infrastructure construction via capital raising from the domestic and international markets, and to support technical supports to the country's public and private organization.

By Staff reporter and agencies