UK Government Avails $100m Loan Facility To Zim Companies

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

Robert MugabeJohn Mangudya

Robert Mugabe was a politician and the former President of Zimbabwe. He was the President of the Republic of Zimbabwe from 1987 to November 2017. Prior to this, he was the Prime Minister of Zimbabwe since the attainment of independence in 1980. Mugabe resigned from... Read More About Robert Mugabe

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

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