$100 Million Loan From UK Meant To Ease Cash Crisis

President Emmerson Mnangagwa revealed that the $100 million loan received from the United Kingdom is meant to ease the cash crisis in Zimbabwe. Mnangagwa said the money has been disbursed to every bank in the country.

Said Mnangagwa:

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For the first time after nearly 20 years we have received a soft loan from the British of $100 million and the (RBZ) Governor (Dr John Mangudya) has been telling me how he has disbursed the money and as from yesterday almost every single bank in the country had received part of the $100 million. We believe that this will go towards easing cash shortages but not only that, there are so many other sources which I would want the Minister of Finance to best articulate as to how we are fighting the issue of cash shortages.

The $100 million loan will also assist companies in food processing, manufacturing and agricultural sectors. The loan will run for three years and can be used for capital expenditure or working capital.

More: Chronicle

RBZJohn MangudyaEmmerson Mnangagwa

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About RBZ

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

Emmerson Dambudzo Mnangagwa a politician and the First Secretary of the Zimbabwe African National Union-Patriotic Front. On the 3rd of August 2018 ZEC Chairperson Priscilla Chigumba announced that Mnangagwa had won the popular vote by 50.8% ,hence he was duly elected to be the president... Read More About Emmerson Mnangagwa

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