Business / Economy
Zimbabwe to get $819 million from Afreximbank
05 Apr 2016 at 16:49hrs | Views
The government says Afreximbank is set to avail US$819 million bridge facility for external arrears clearance while the bank has so far made available US$504 million since January for various sectors of the economy.
The availing of the bridge facility for external arrears was made at a dinner hosted for Afreximbank president Dr Bennedict Okey Oramah in the capital.
The Minister of Finance and Economic Development Cde Patrick Chinamasa says the facility will enable government to clear arrears for multilateral institutions adding that US$504 million has been availed under other facilities since January this year.
Dr Oramah says Afreximbank is committed to addressing the liquidity challenges facing Zimbabwe through availing various facilities to the productive sectors of the economy.
Afreximbank is currently running more than 20 facilities within Zimbabwe worth over US$700 million to stimulate productivity.
Some of the facilities are running through commercial banks though the issue of the cost of money has remained high impacting negatively on borrowers.
Zimbabwe has arrears amounting to US$1.8 billion with multilateral institutions and the clearance of arrears is key to unlocking fresh capital for the productive sectors of the economy.
Source - zbc
