Zim, Afrixembank sign US$1.5b stabilisation facility

Reserve Bank of Zimbabwe Governor Dr John Mangudya and Afrexim Bank President Professor Benedict Oramah sign the US$1.5 billion Zimbabwe Open Facility that will guarantee investments coming into Zimbabwe while Industry and Commerce Minister Nqobizita Mangaliso Mdlovu looks on


Sydney Kawadza in Cairo, Egypt
The Afreximbank has availed a US$1.5b stabilisation facility to Zimbabwe which is expected to mitigate against the perceived risk associated in investing in the country.


The facility, known as the Zimbabwe Open Facility was signed today by Reserve Bank of Zimbabwe Governor Dr John Mangudya and Afrixembank President Professor Benedict Okay Oramah on the sidelines of the on-going Intra African Trade Fair here in Cairo, Egypt.

Industry and Commerce Minister Mangaliso Mdlovu, senior Government officials, banking executive from Zimbabwe and the Afrixembank witnessed the signing ceremony at the Egypt International Exhibition Centre.

The facility will include the US$500m Nostro Stabilisation Facility and US$1b investment guarantee facility.

In his remarks, Dr Mangudya said the Zimbabwe was open for business and to investors with the facility giving assurances and re-assurances to the investors that they can bring their money into Zimbabwe.

Source :The Herald


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