Zimbabwe Uses An “Imaginary” Mine As Collateral For $500 Million Loan

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 main collateral for the loan is said to be 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.

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.

It has however been revealed that Afreximbank may still be paid back from other platinum sources the government has access to.

More: Bloomberg

 

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