38.9 C
Wednesday 23 June 2021
HomeAfricaIran gives Zimbabwe 40m euro loan

Iran gives Zimbabwe 40m euro loan

Iran has extended a 40-million-euro line of credit to Zimbabwe to finance energy, banking and industrial projects, the local media reported Wednesday, quoting the country’s t op diplomat in Tehran.

Zimbabwe’s Ambassador to Iran, Nicholas Kitikiti, said the funds would be used, among other projects, to rehabilitate the country’s main power station to increase electricity supplies and reduce rationi ng.

The country faces critical power shortages, producing only 65 percent of its nor mal requirements. It imports the balance from neighbours.

”The facility is there and waiting for us to harness. I am sure this will go a long way in assisting us in our economic development programmes,” Kitikiti said, referring to the Iranian credit line.

He said Zimbabwe had already opened fresh negotiations with Iran for further lin es of credit covering the agriculture, health and technology sectors.

Zimbabwe and Iran have strong political ties, cemented by their common enemity t owards the West which accuse both of human rights abuses.

Iranian President Mahmoud Ahmajinejad visited Zimbabwe in April this year, and s igned several co-operation agreements with the government and private firms.


Please enter your comment!
Please enter your name here

- Advertisement -