African Development Bank Pledges US$50m Loan For Private Sector

The African Development Bank (AfDB) has said that it can loan private companies in Zimbabwe a maximum of US$50 million this year. It stressed that the loans were only available for the private sector as it is still negotiating with the government over the US$600 million the government owes.

In an interview with The Zimbabwe independent, AfDB country manager Damoni Kitabire,

We are not giving loans to the public sector; we are giving loans to the private sector. We are now trying to see where else we can intervene.

We are now scanning the (investment) environment now and we are looking at doing another US$25 million to US$50 million before the year ends, depending on whether we can find a viable project. The maximum we can commit this year is US$50 million.

The United Kingdom has also committed loans worth $100 million to the private sector.

More: The Zimbabwe Independent