A development finance institution owned by the UK government, CDC, is extending a $100 million loan facility to Zimbabwean private companies. The money will be available in partnership with Standard Chartered bank.
Said RBZ governor John Mangudya this week:
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“This is a significant move in that it is a medium-term facility to be used for the revival of companies in Zimbabwe,”
Said CDC CEO, Nick O’Donohoe:
We think it’s pretty significant. We are not aware of any commitments that have been made by anybody since the change of government. Zimbabwe’s economy has been shattered over the last two decades, yet holds real potential. If a new government in post-election Zimbabwe encourages investment and pro-business policies, Zimbabwe can be one of the great investment success stories of the next decade.
O’Donohoe also said they had been preparing the loan facility from the day former president Robert Mugabe left office in November 2017. CDC was formerly known as formerly the Commonwealth Development Corporation, and previous to that, the Colonial Development Corporation.
More: The Herald
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