LATEST: Afreximbank avails $1,5 billion to Zimbabwe

President Emmerson Mnangagwa speaks to AFREXIMBANK president and chairman of the board of directors Dr Okey Oramah(left) while  Finance and Economic Development Minister Patrick Chinamasa and Reserve Bank Governor Dr John Mangudya  looks on at Munhumutapa Building in Harare today.-Picture by Innocent Makawa

President Emmerson Mnangagwa speaks to AFREXIMBANK president and chairman of the board of directors Dr Okey Oramah(left) while Finance and Economic Development Minister Patrick Chinamasa and Reserve Bank Governor Dr John Mangudya looks on at Munhumutapa Building in Harare today.-Picture by Innocent Makawa

Innocent Ruwende Senior Reporter

The African Export-Import Bank (Afreximbank) is set to inject $1,5 billion to stabilise the country’s economy, as well to provide investment guarantee to investors that the bank will pick up country risk which may befall their investments.

Speaking after paying a courtesy call on President Emmerson Mnangagwa at his Munhumutapa offices today, the bank’s president and chairman of the board of directors who led the Afreximbank delegation, Dr Okey Oramah said the $600 million nostro stabilisation facility extended to the country to meet the forex requirement for productive foreign payments had also been finalised. The funds will support the productive sector through banks and the mining sector, especially the gold sector, as well as the retooling of the manufacturing sector, among other industries.

“We are here to extend congratulations to President Mnangagwa and also reaffirm our continued support for the Government and people of Zimbabwe under his leadership. We discussed various areas where we have been intervening and will continue to intervene,” said Dr Oramah.

Details to follow…..

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  • siphiwe Sithole

    Invite big companies we sick n tired of briefcase man who do not boost economy.

  • Makanza

    Things related to investment are happening pretty fast – seems like there is renewed confidence in Zimbabwe after RGM left. vamwe mitupo vanonzi Wafawanaka, vamwe vanonzi Wabvazvanaka.

  • Adagio

    This seems like a show of confidence in ED’s government. Afreximbank’s bold commitment to provide investment guarantee to investors is remarkable. Implementation of the announced reforms will largely define the direction the economy will take.

  • PinKK Nguruve

    AFREXIMBANK ??????? kikikikikikikiki

  • Daddy Try

    No aid is innocent

  • Rasta!

    Future generations further burdened by frivolous debt.

  • Chitovah

    Zvogwadza, you need these lines of credit to stimulate the economy. We wont take off without these. We dont have a reserve for forex fron where we can draw the rands you mentioned. We need these assistances to start crawling towards the right direction

  • Zikho

    All we hear about is so and so is lending zimbabwe money… WHERE is the
    $15Billion that got “LOST”. thats more than enough to jump start our economy and pay
    back the IMF build a Nuclear power station and never depend on anyone
    for power again, rehabilitate our roads and NRZ, recapitalise closed
    Factories, Reopen Zisco Instead of importing steel from china and start
    exporting again… But hey who am i to say anything all the opposition
    had to work with was Mugabe Must Go, now what????

  • Good luck

    Your excellency ED pls help pharmacies are excessively over charging drugs and want hard forex, birth control pills that were 1$ for 4 are now 25$ for one!!!! They are not like paracetamol that you can just change to aspirin!!! Pls help us women ! These drugs were tested and suit our systems and for parirenyatwa to just pull them Willy nilly ESP being a medical dr is absurd and heartless.
    Always have faith in you my president !At least now with this facility health can be looked at seriously and there won’t be negligent deaths.

  • Loud Speaker

    Exactly. We still can’ t service IMF and World bank loans of 30 years ago so what gives? https://uploads.disquscdn.com/images/ae7830510aea3fd49e8b1759760be7d72eaddeb12af5c5c6e73d4241f44bdd70.gif

  • Pasipamire

    The Afreximbank is too small to provide a loan of such magnitude. There are local banks in Zim with a much larger asset base and capitalisation.. There is after all something called prudential lending. Someone is playing politics with money that isn’t theirs. And why didn’t they provide the same under the previous administration?