Business / Economy
Afreximbank lends Zimbabwe over $500 million annually
07 Oct 2014 at 06:59hrs | Views
THE African Export-Import Bank (Afreximbank) is disbursing an average of $500 million per annum through various financing facilities to Zimbabwe.
Afreximbank senior director (finance) Philip Kamau told delegates at an investor conference in South Africa last week that the key facilities provided to Zimbabwe includes the CBZ diaspora bond for $60 million, Sable Chemical loan of around $40 million for fertiliser imports and Econet Wireless Zimbabwe.
In 2012, Econet got a syndicated loan of $307 million from a group of financiers, Afreximbank included.
The bank has also given Grain Marketing Board loans for grain imports, financed Zesa's electricity imports from Mozambique.
Kamau said currently the bank was working towards an initiative to support the Zimbabwean banking sector through a $100 million Trade Debt-backed Securities Facility (AFTRADES) aimed at releasing some liquidity in the banking sector.
He said AFTRADES was aiming at unlocking the deposits held by the international banks in order to inject the much needed liquidity in the economy and the $100 million facility will be concluded before the end of the year.
Afreximbank senior director (finance) Philip Kamau told delegates at an investor conference in South Africa last week that the key facilities provided to Zimbabwe includes the CBZ diaspora bond for $60 million, Sable Chemical loan of around $40 million for fertiliser imports and Econet Wireless Zimbabwe.
In 2012, Econet got a syndicated loan of $307 million from a group of financiers, Afreximbank included.
The bank has also given Grain Marketing Board loans for grain imports, financed Zesa's electricity imports from Mozambique.
Kamau said currently the bank was working towards an initiative to support the Zimbabwean banking sector through a $100 million Trade Debt-backed Securities Facility (AFTRADES) aimed at releasing some liquidity in the banking sector.
He said AFTRADES was aiming at unlocking the deposits held by the international banks in order to inject the much needed liquidity in the economy and the $100 million facility will be concluded before the end of the year.
Source - newsday
