Zimbabwe Secures $80m Aid Deal
Zimbabwe has secured $80m (55m euros) in credit from Egypt-based African Export-Import Bank that will be used to buy grain and import oil, state media said yesterday. The credit facility was secured after a presentation by the country's central bank chief Gideon Gono, during Afreximbank's annual general meeting in Morocco last week.
The report in the Sunday Mail newspaper also follows a recently signed power-sharing deal in Zimbabwe in a bid to end a ruinous political crisis. Afreximbank senior director B Oramah, in a letter cited by the Sunday Mail written to Gono, said the credit deal was aimed at assisting Zimbabwe, currently suffering from a massive economic crisis.
Afreximbank is a multilateral financial institution whose main objective is to facilitate, promote and expand intra- and extra-African trade. On Friday, Norway said it would give Zimbabwe 40m kroner ($7.02 m) in aid to help the country deal with a lack of food and clean drinking water and a cholera outbreak.
-- Thepeninsulaqatar
