Afreximbank lead arranger in securing funding for Zim to pay off its $1.8 billion loan

Finance Minister Patrick Chinamasa has revealed that Egypt-based Afreximbank is the lead arranger in sourcing funding for Zimbabwe to pay off its $1.8 billion loans to the World Bank and African Development Bank. Speaking at a dinner held to officially hand over titled deeds to Afreximbank for 1,2 hectares of land for the construction of its Southern African office at Harare’s Newland, Chinamasa said:

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.

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

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