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Chinamasa hails UK $100m facility

by Staff Reporter
17 May 2018 at 15:10hrs | Views
Finance and Economic Development Minister Patrick Chinamasa has hailed the US$100 million loan extended by the United Kingdom Finance Institution, CDC, as the first significant line of credit to come Zimbabwe's way from Europe to support the country's economic recovery.

Speaking to the ZBC News on the sidelines of a meeting with a beverage manufacturing group in Harare today, Minister Chinamasa said the loan facility is a major milestone in the thawing of Zimbabwe-UK relations and opening of doors to international support.

Chinamasa said the fund will go to productive sectors that will promote exports necessary to grow the economy, adding that Zimbabwe is grateful for the facility that is a breakthrough in accessing international support for economic growth.

He paid tribute to President Emmerson Mnangagwa for his reengagement stance saying he has dispatched envoys to Europe and other parts of the world to ensure Zimbabwe relates well with the rest of the world.

"President Mnangagwa has taken it upon himself to reengage and normalise relations with those that had cut off relations with Zimbabwe through the imposition of sanctions. The loan facility is a significant step in the normalisation of relations between Zimbabwe and the United Kingdom," said Chinamasa.

The CDC has teamed up with Standard Chartered Bank to set up the facility for Zimbabwean companies in the private sector.

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Source - zbc

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