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Govt Gazettes $250 Million Line Of Credit Facility

5 years agoSat, 10 Nov 2018 07:14:47 GMT
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Govt  Gazettes $250 Million Line Of Credit Facility

Government yesterday gazetted the $250 million line of credit facility from a United Kingdom-based firm Gemcorp Capital whose draw down began yesterday. The first draw down will first focus mainly on fuel.

Finance and Economic Development Minister Professor Mthuli Ncube gazetted the facility. Ncube and Reserve Bank of Zimbabwe Governor John Mangudya concluded the facility in September. Part of the gazette reads:

It is hereby notified, in terms of subsection (3) of Section 300 of the Constitution of Zimbabwe, that on 12 September 2018 the Republic of Zimbabwe, represented by the Minister of Finance and Economic Development, concluded a guarantee in favour of Gemcorp on the following terms —(a) the Republic of Zimbabwe, represented by the Minister of Finance and Economic Development irrevocably and unconditionally guaranteed due performance by the RBZ of its obligations under the Finance Documents, which included a Revolving Facility Agreement; (b) under the Revolving Facility Agreement, Gencorp extended to the RBZ a revolving credit facility in an amount of US$250 million maturing 60 months after the date of signature; (c) the proceeds of the Revolving Facility Agreement will be utilised for the purpose of financing defined commodities by approved importers.

More: Chronicle

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