Afreximbank avails more than $1 billion to Zimbabwe

The African Export and Import Bank (Afreximbank) will avail more that $1 billion to Zimbabwe.

Speaking at a dinner held to officially hand over titled deeds to the Afreximbank for 1,2 hectares prime land for the construction of its Southern African office at Harare’s Newlands, Finance Minister Patrick Chinamasa made the announcement and said the bank will also facilitate $1,8 billion which will be paid to the World Bank and the (African Development Bank) AfDB. Said Chinamasa:

As you are aware the Reserve Bank is working on a number of new initiatives, the $600 million nostro stabilisation facility to meet the forex requirement for productive foreign payments, the $150 million letters of credit facility to support the importation of fuel as well as fertilisers and feedstock for the manufacturing of cooking oil.

As you may be aware, the Afreximbank is the lead arranger to secure funding for the repayment of our arrears of $1,8 billion to the World Bank and the (African Development Bank) AfDB that is essential to our net foreign finance for the country and reduce the country risk.

In fact they (Afreximbank) have put this facility already and at the moment the ball is in our court, we decided we must first address fundamental factors such as addressing the issues of budget deficit, addressing the issues of import cover reserves, addressing the issues of reducing the trade and current obligations sustainable into the future, we cannot afford to clear today and tomorrow we are in arrears.

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It’s a long road and I am glad we are equal to the task of travelling that difficult road.

We also have $150 million gold backed facility and another $150 million Zesa facility, a $70 million grain import facility, this is the facility we drew down to import our maize over the past drought and over $150 million worth of facilities having been extended to various sectors of the economy chief among them being the tobacco and tourism facility,” Minister Chinamasa said.

We are grateful Afreximbank has once again demonstrated its commitment as a permanent development partner for the people of Zimbabwe and Southern Africa and pan Africa. The withdrawal of international support by multilateral and bilateral institutions and imposed sanctions was indeed difficult but with the help of the Afreximbank and other institutions the journey has been made bearable.

More: Herald