Mnangagwa’s Lie Concerning $100 Million UK Loan Exposed

President Emmerson Mnangagwa lied that the United Kingdom advanced a $100 million loan to Zimbabwe to ease the current cash crisis. This comes after the CDC which advanced the money through the Standard Chartered Bank, said the loan is a line of credit to the private sector only.

On their official Twitter account, CDC said the loan was only for recapitalisation to revive local industry and not to resolve the cash crisis. Said CDC:

We’ve partnered with Standard Chartered to provide up to $100 million of new lending to businesses in Zimbabwe. It’s the largest investment in the country’s private sector for several years.

The British embassy, through its official and verified Twitter account, reiterated that the money was targeted at the private sector. NewsDay’s efforts to get a comment from Government were fruitless.

More: NewsDay

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