HARARE – The Africa Export-Import Bank (Afreximbank) has come to the rescue of ailing Zimbabwe, confirming on Tuesday that the bank will avail a $500 million (R7.1 billion) facility to help Zimbabwe stabilise its foreign currency position to enable the importation of key commodities.
Zimbabwe has sunk into economic meltdown, dragged down by liquidity and foreign currency shortages. The country has been running out of key commodities such as fuel, medicines, wheat and other raw materials for its manufacturers.
Afreximbank has now confirmed that it has agreed to a $500m foreign currency stabilisation package for the ailing southern African country. This followed meetings in Bali where Zimbabwean government officials met with executives from the lender.
The Zimbabwean and Afreximbank executives “discussed the modality of the $500m Nostro stabilisation facility which Zimbabwe had requested from the Bank and agreed on the processes toward concluding that transaction by the end of October 2018,” the bank said.
Zimbabwe was represented by Finance Minister Mthuli Ncube and central bank governor, John Mangudya while Afreximbank president, Benedict Oramah, represented the bank.