Central Bank Governor Dr John Mangudya on Monday revealed that the country has acquired $985 million in loans from several regional banks in 2018.
Mangudya was speaking before the Tendai Biti-chaired Parliamentary Portfolio Committee on Finance. Said Mangudya:
At Afreximbank we have exposure of US$641 million, TDB (formerly PTA Bank) US$152 million. These are United States dollars and these are loans that are well-structured facilities.
The Afreximbank loan has got a rate of interest of 5 per cent above libor with a tenure of 5 years, the TDB loan is libor plus 6 per cent and tenure of 3 years. The current loans were contracted last year. All the external loans, if you add them together with the smaller ones, come to US$985 million.