$1.5 BILLION FOR ZIM..END OF BANK QUEUE ERA IN SIGHT

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.

$1.5 BILLION FOR ZIM..END OF BANK QUEUE ERA IN SIGHT
President Emmerson Mnangagwa speaks to the visiting 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 John Mangudya looks on

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.

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