Zimbabwe secures US$1,1 billion from Trafigura to clear World Bank and AfDB debts, raises hopes of new funding

Finance Minister Patrick Chinamasa confirmed that Zimbabwe had secured US$1,1 billion from Singaporean commodities firm Trafigura Group to clear World Bank and African Development Bank (AfDB) debts.

Said Chinamasa:

The Government of Zimbabwe is pleased to announce that it has met all the conditions precedent to the repayment of debt arrears to the World bank and the AfDB. This positive development comes after the country successfully settled its debt arrears to the IMF on October 20, 2016.

The money that was secured from Trafigura is part of the Lima Plan which was designed in 2015 to clear Zimbabwe’s arrears and secure US$2 billion in funding.

More: Zimbabwe Independent