The deal, which became effective at the beginning of this month, was signed under a structured facility in which Ecobank issued a letter of credit for $24 million to support Sakunda’s fuel imports. According to documents in possession of The Herald, Sakunda Holdings, which is also supporting Government’s Command Agriculture programme to the tune of $192 million, holds about 250 million litres of fuel stocks at Msasa depot and Feruka stores.
Reserve Bank of Zimbabwe Governor Dr John Mangudya said the central bank had agreed to the structure which Ecobank said will be paid in 100 percent cash covered using Sakunda supplies’ credit balances.
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