Zim To Start drawing Down On $250 Million Line Of Credit Facility

Zimbabwe will start drawing down on a $250 million line of credit facility today availed by a United Kingdom-based firm, Gemcorp Capital. Gemcorp Capital focuses on emerging markets and provides loans for the importation of essential commodities. A delegation from Gemcorp capital met President Emmerson Mnangagwa in Harare yesterday where they briefed him on the progress of the facility. The Facility was signed last month by the Reserve Bank of Zimbabwe (RBZ) governor John Mandudya, Finance and Economic Development Minister Mthuli Ncube and Gemcorp Capital. Gemcorp Capital head of investment Parvoleta Shtereva said

We are here to meet His Excellency and report about our $250 million facility supporting essential imports and the Zimbabwean economy. We also informed him about the progress of this facility and our interest to invest in the economy and to support vital economic sectors like mining, telecommunication, pharmaceuticals among others.

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