Herald

Aug. 30, 2019

President Mnangagwa negotiated a fresh financial package for Zimbabwe from the African Export-Import Bank (Afreximbank) after meeting the bank’s president, Professor Benedict Okey Oramah.The President met Prof Oramah on the sidelines of the Tokyo International Conference on African Development (TICAD). Speaking to Zimbabwean journalists after his meeting with the President, Prof Oramah said Afreximbank had agreed in principle to provide Zimbabwe with a financial injection for emergency food imports as well as a separate kitty for infrastructure development.

Reserve Bank Governer Dr. John Mangundya and Afrexim Bank President Proffessor Bennedict Okay Oramah signed the USD1,5 billion Zimbabwe Open Facility (ZOF)

The African Export-Import Bank (Afreximbank) has made available a US$1,5 billion stabilisation facility to Zimbabwe to mitigate the perceived risk associated with investing in the country. The facility, known as the Zimbabwe Open Facility (ZOF), was signed yesterday by Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya and Afreximbank president Professor Benedict Okay Oramah on the sidelines of the ongoing Intra African Trade Fair here.

The African Export Import Bank (Afreximbank) has extended a $1 billion loan to Zimbabwe.

The African Export Import Bank (Afreximbank) has extended a $1 billion loan to Zimbabwe to guarantee the convertibility value of Real Time Gross Settlement (RTGS) balances into United States dollars and to oil the nostro accounts, it has been established. Zimbabwe now depends on the Cairo headquartered lender to stabilise its economy, which is currently facing foreign currency and cash shortages, emerging high inflation, and unsustainable government expenditure.