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.