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Mthuli Ncube secures $250m loan

by Staff reporter
17 Sep 2018 at 19:58hrs | Views
The new Minister of Finance and Economic Development, Professor Mthuli Ncube has secured a $250 million commercial loan facility from an international finance company, Gemcorp through the Reserve Bank of Zimbabwe (RBZ).

In welcoming the development, Professor Ncube said the "granting of the commercial loan facility by Gemcorp is a strong signal by foreign investors of their growing confidence in Zimbabwe."

The loan facility will be used to finance the importation of essentials goods and services including electricity, fuel and medicines.

RBZ Governor, Dr John Mangudya said "the line of credit is coming at an appropriate time to shore up foreign currency liquidity after the end of the tobacco selling season."

Gemcorp Group founder and CEO, Atanas Bostandjiev said the facility will finance and coordinate the delivery of essential goods to help support the Zimbabwean economy.

Gemcorp Group focuses on emerging markets with a special interest in Sub-Saharan Africa, Latin America and Eastern Europe.

Source - Agencies