China has lent Zimbabwe $319m to ease electricity shortages by expanding its Kariba hydropower station. According to Zimbabwe's Finance Minister Patrick Chinamasa, the project will take four years to complete and increase Kariba's capacity by 300 megawatts. Chinamasa signed the deal with the vice-president of the state-owned China Exim Bank, Zhu Hongjie. The deal highlights the "Look East" policy Zimbabwe adopted after falling out with Western powers. Chinamasa said the loan will attract an annual interest of 2% and has a repayment period of 20 years. Zimbabwe often faces power outages, affecting households and businesses. It produces about 1,200 MW of electricity but peak demand is 2,200 MW.
South Korean President Park Geun Hye today urged North Korea to move towards mutual prosperity. This came during the Memorial Day ceremony in Seoul.
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