Reports suggest that the Zimbabwe National Army has provided the collateral for the African Export-Import Bank’s $500 million loan that was advanced to Zimbabwe recently.
The loan is said to be backed by a mine that Great Dyke Investments plans to build at a cost of $4 billion. Great Dyke Investments is a venture between Russian investors and the Zimbabwean military. The loan shall be paid over a period of four years.
It is also reported that the deal was designed earlier this month at a meeting attended by officials from Zimbabwe’s treasury, the central bank, mines ministry, Afreximbank, and Great Dyke Investments chairperson, Hespinah Rukato.