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HomeAfricaZimbabwe bank secures US$ 30 million off-shore loan

Zimbabwe bank secures US$ 30 million off-shore loan

A Zimbabwean bank said Friday December 21st it had secured a US$ 30 million offshore loan to finance exporters, and another US$ 1.2 million specific ally for small-scale horticulture farmers.

Infrastructural Development Bank of Zimbabwe chief executive Charles Chikaura said the funds had been secured from an unnamed Asian bank, and would finance exporters in the agriculture, mining and tourism industries.

He said subject to satisfactory performance, the bank had been assured of more funding from the same Asian source.

“The facility is set to grow over time and foreign currency generated from funded projects will be pooled at the bank to further developmental projects,” he said.

Chikaura said the smaller US$ 1.2 million loan was secured from the Common Fund for Commodities and was targeted at small horticulture growers.

The facilities are the latest in a series Zimbabwe has secured off-shore, to try and resolve its long running foreign currency crisis.

Sanctions and poor export performance have led to a foreign currency crisis in Z imbabwe, resulting in widespread shortages, especially of imported commodities.

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