The African Export-Import Bank (Afreximbank) has revealed that is has lined up financial support for President Emmerson Mnangagwa’s government to the tune of $1.5 billion. The institution is known for backing the infamous Bond Notes which were introduced by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya in 2016. The $1.5 billion support was revealed after President Emmerson Mnangagwa met with Dr Okey Oramah, the Afreximbank board chairperson and President, at the Munhumutapa offices on Tuesday. Finance minister Patrick Chinamasa also said that Afreximbank was going to provide investment guarantees on behalf of Zimbabwe, to any foreign investors who are willing to invest their money in the country.
Apart from backing the Bond Notes, Afreximbank has also extended a $600 million nostro stabilisation facility to help Zimbabwe battle critical foreign currency shortages. Said Dr Oramah:
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.
More: Herald