70m for Zimbabwe

HARARE - Efforts by the MDC wing of the government to set the country's economy on a recovery path last week showed results with the African Export-Import Bank (Afreximbank) signing an economic and trade revival agreement with the Zimbabwean government.

The facility will see the country, which has lost lines of credit from international institutes due to its inability to pay debts, receiving US $70 million that can be accessed by local firms for their recapitalisation.

Speaking at the end of the highly successful Euromoney Conference that was co-organised by the ministry of Finance and the Economic of Planning and Development AfreximBank President, Jean Louis Ekra, said the move was aimed at injecting money into the country’s economy.

“The facility which is starting at an initial amount of US$70million is appropriate because it is designed to impact economic activities within and outside the urban areas. The facility which will be deployed through commercial banks, and will also assist in improving liquidity in the financial sector and the economy as a whole,” said

Ekra

Apart from extending the US$70milliom, Afreximbank has also finalised the issuance by a local bank of the Zimbabwe Economic Recovery Bond which will also contribute towards the much needed term funding.

“The Bond issue which is mobilising resources both locally and from other countries is part of other efforts by Afreximbank to open Zimbabwe again to international debt capital market,” he said. Fungi Kwaramba

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