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2024 Intake

The Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a ZESA Holdings subsidiary responsible for the distribution of power, has signed a US$110 million syndicated loan with continental trade finance bank Afreximbank, the bank said on Friday. The bank said in a statement:
<blockquote>
The funds will help Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to improve revenue collection through smart meters and pre-paid meters and thus pay off regional creditors’ accounts.
</blockquote>
ZESA Holdings executive chairman Sydney Gata on Friday revealed that the power utility is owed a staggering ZWL$15 billion in unpaid bills by businesses, government departments and ordinary consumers.
Many electricity users in Zimbabwe are on a post-pay system and rack up large debts, which is bad for ZETDC’s books and hurts its ability to supply power.
Meanwhile, Afreximbank said it had signed financing deals worth another US$78 million with three other Zimbabwean companies – the Central African Building Society, CBZ Bank and ZB Bank – at a trade fair in the South African port city of Durban.
<h4>More: <a href="https://vicfallslive.co.zw/index.php/2021/11/20/zesa-secures-us110-m-afreximbank-financing-deal/">VicFallsLive</a></h4>

Pindula News

ZESA Secures US$110 Million Afreximbank Financing Deal

An economic commentator, using the Twitter handle, <a href="https://twitter.com/baba_nyenyedzi" rel="noopener" target="_blank">@baba_nyenyedzi</a>, said that Zimbabwe’s ballooning debt to the African Export-Import Bank, also referred to as Afreximbank, proves that sanctions have not stopped the country from tapping international capital.
In a Twitter thread, the analyst said economic mismanagement and corruption accelerated post-coup of November 2017 will push the Afreximbank and Chinese to demand that Harare reforms so that it can manage to repay the loans. Read the thread below:
<blockquote>Zimbabwe – Afreximbank loans
On the 12th of Feb 2021, compelled by a court order, the MOF gazetted loans taken by RBZ it guaranteed.
It is very clear why RBZ &amp; GOZ were secretive about these loans to the point of making its apologists deny the very existence of them.
For example, over the last 3yrs it has been pointed out that;
(a) RBZ is involved in quasi fiscal activities 
(b) GOZ treasury has no surplus
These two points are linked. RBZ comes directly under the Minister’s armpit. RBZ took over treasury responsibilities &amp; its deficits.
RBZ losses, are directly treasury’s losses &amp; by law must be included in the consolidated revenues &amp; expenditures. This never happened, so the right hand claimed it was clean, when all the time the stolen goods were in the left hand.
The Gazette is revelatory in 3 distinct ways;
(i) Zim sanctions do not affect its ability to borrow &amp; move money internationally
(ii) Interest on loans is more than 10% p.a
(iii) Zim is in a debt trap
RBZ total foreign debt is US$5bn as of Sept 2020. 80% of which was assumed post coup of Nov 2017. OFAC would’ve seen &amp; approved these transactions including anytime Zim made interest payments.
US$1.4bn from Afreximbank had GOZ guarantee. Meaning GOZ was a direct party to the transaction. At no point did OFAC raise a red flag. Or outright stop the transaction. It is very clear that Zim sanctions don’t affect its ability to transact with the world. Nor it’s ability to borrow. There are many international lenders to Zim, apparently.
Chinamasa’s Lima plan of 2016 comprehensively addressed political &amp; institutional reforms before tapping into international markets. Without reforms, immediately after a coup, GOZ started borrowing without any guiderails &amp; none to stop profligacy.
It’s a hard lesson to Zim &amp; to Afreximbank &amp; other lenders (China included) why Zim desperately requires deep political &amp; institutional reforms. It’s for creditors own good. Treasury claims of surplus were not entirely for Zimbabwean ears but for foreign lenders.
The first loan from Afreximbank was made on the 27th of Dec 2017. A 3yr loan that was due end of 2020.
Was it paid off?
All the evidence suggests otherwise.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EuPd8YbXUAAaeOH?format=jpg&amp;name=small"/>
Zim has ZERO reserves. The 2020 budget did not have a sinking fund.
Afreximbank was aware that RBZ had zero reserves( see pic, Zim reserves position is at the bottom of the table)
Was the loan rolled over?
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EuPd9FbXMAUK_-M?format=jpg&amp;name=900x900"/>
The loans suggests a bullet payment at the end of the loan tenure and were not amortized. If the loan was amortized RBZ monthly reports would show this.
he terms of loans are onerous. In Dec 2017, LIBOR was 2%.
RBZ own laws emphatically prohibit loans above LIBOR plus 7% without RBZ express approval. This is the reason for institutional reforms. Currently the regulator approves its own loan interest exemptions.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EuPd9_6XEAA3Lc2?format=jpg&amp;name=small"/>
LIBOR 2%. Interest 6.5%. other fees 3.75%. Total yr1 interest is 12.25%. Above the RBZ own rules.
This is a devastating revelation. Most Economists had assumed interest was less than 4%. What Afreximbank normally charges.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EuPd-wyWgAIVWg1?format=jpg&amp;name=small"/>
Zimbabwe is highly profitable for Afreximbank. In its September 2020 results , interest &amp; similar income was US$700m. On average (10%pa) on the US$1.4bn , Zim pays $140m a year.
This is 20% of Afreximbank interest income.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EuPd_l6WQAYHp6L?format=jpg&amp;name=medium"/>
If Zimbabwe is paying 10% on its RBZ debt ( US$5bn) that equates to US$500m interest payments a year.
This is 20% of 2020 GOZ budget expenditure. 25% of revenues.
The debt has grown through interest capitalization &amp; not necessarily new debt.
In theory. A debt trap is when Interest on loans (i) is greater than GDP growth (g).
i &gt; g
This means interest payments become an albatross to any growth. Debt grows exponentially. RBZ loans interest of 10% when the economy is in decline of -15% is a debt trap.
What does this mean for Zimbabwe?
Minister Mthuli is simply preparing Zimbabweans for the inevitable debt assumption Bill.
This will officially add US$5bn to the country’s foreign debt stock of US$9bn.
Ps. The farmers compensation of US$3.5bn is not yet official
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EuPeAugXMAUlZ4v?format=jpg&amp;name=medium"/>
The good news is that Afreximbank &amp; the Chinese creditors will now be at the fore front of calling for reforms.
The smuggling of gold &amp; its quantum is NOT coincidental. It’s to avoid formal international channels where creditors have stop orders against Zim exports.
The bad news is that the ruling class can survive on extractive industry rent. Especially during a commodity boom. Political scientist have pointed out, the ruling elite will not reform themselves out of power.
There is no credible reason why the ruling elite must reform.
Sanctions have not stopped Zim from tapping international capital.
Economic mismanagement &amp; corruption accelerated post coup of Nov 2017. Reversing the gains of the GNU.
ALL creditors want reforms.
Commodity boom &amp; corruption provides a way out for the ruling elite.
… I think parliament needs to play a role. So far it’s dereliction of duty.
In the 2013 constitution the RBZ was given carte blanche power, with Parliament given powers to oversee a new RBZ act. Nothing has happened.</blockquote>
More: <a href="https://twitter.com/baba_nyenyedzi/status/1361175512413052930" rel="noopener" target="_blank">Baba Nyenyedzi on Twitter</a>

Zimbabwe - Afreximbank Loans Bombshell - OPINION

Zimbabwe’s Finance Minister, <a href="https://www.pindula.co.zw/Mthuli_Ncube">Professor Mthuli Ncube</a> has this Friday revealed that the Reserve Bank of Zimbabwe received 3 loans from Afreximbank since 2017 totalling a massive US$1. 4 billion.
The expose was after the Treasury had been ordered by the High Court to disclose information on public loans incurred by the government since 2017.
Ncube indicated that in December 2017, a US$600m loan “for the purchase of strategic commodities” was acquired from the Afreximbank but there is no explanation as to what is meant by strategic commodities.
He also indicated that in May 2019, a US$500m loan for “strategic commodities and Prospective Currency Reform Programme” was also granted by the Afreximbank.
Then in December 2019, a US$300m loan “for the purchase of strategic commodities” was also granted <a href="https://zero.pindula.co.zw/full-thread-rbz-governor-in-conflict-of-interest-storm-involving-zamco-afreximbank/">by the bank.</a>
This comes amid accusations by some Members of Parliament, especially MDC Alliance’s Tendai Biti, that the Treasury was borrowing without seeking approval from Parliament.
There have been calls for the government to be more transparent with regards to the public debt considering that it is the members of the public who will repay the loans.
The government claims that the money was put to good use but some believe the money is being abused by political elites hence the need for transparency.

Massive RBZ Loans From Afreximbank Since 2017

According to philanthropist and businessman Strive Masiyiwa, Zimbabwe has received $200 Million from AfreximBank, ZBC reports.
Masiyiwa revealed this as he was speaking about how he and other <a href="https://news.pindula.co.zw/2020/06/21/masiyiwa-and-fellow-envoys-raise-33-billion-to-help-african-nations-mitigate-the-effects-of-covid-19/">fellow envoys have raised $33 Billion to help African countries mitigate the effects of COVID-19</a>.
Masiyiwa said:
<blockquote>Global Fund and GAVI and the Vaccine Alliance have so far availed over US$50 million to Zimbabwe. In addition, Zimbabwe has received over US$200 million from Afreximbank.
The good news is that this week Zimbabwe’s health officials held meetings with AMSP and Afreximbank officials. They were informed that they could buy all the supplies they needed from the platform and Afreximbank will pay.</blockquote>
Masiyiwa is one of the envoys entrusted by the African Union to coordinate the continent’s private sector initiative to procure personal protective equipment (PPE) and other essential sundries to be used during the Covid-19 pandemic.
More:<a href="https://www.zbcnews.co.zw/strive-masiyiwa-in-massive-covid-19-resource-mobilisation/"> ZBC</a>

Afreximbank Extends $200 Million To Zimbabwe

Zimbabwe has secured US$100 million from the Afreximbank to clear its arrears owed to Mozambique and South Africa power utilities, EDM/Cahora Bassa and Eskom respectively.
This was revealed by <a href="https://www.pindula.co.zw/ZESA" rel="noopener noreferrer" target="_blank">ZESA Holdings</a> executive board chairperson, <a href="https://www.pindula.co.zw/Sydney_Gata" rel="noopener noreferrer" target="_blank">Sydney Gata</a> in an interview with Sunday News. There were, however, some delays in securing the loan facility. Gata explained:
<blockquote>The … unfortunate thing is that while Zesa has raised through a bank US$100 million to pay for arrears to Eskom; Electricidade de Moçambique (EDM), which is the power utility for Mozambique; and Cahora Bassa, which is like the <a href="https://www.pindula.co.zw/Zimbabwe_Power_Company" rel="noopener noreferrer" target="_blank">ZPC (Zimbabwe Power Company)</a> of Mozambique, there has been an inordinate delay in procuring borrowing certificates and guarantees from Government. It took almost two months to get the certificate.
By the time they were issued just before Christmas, everybody had gone on holiday and we were not able to process. As people come back from holiday, we are pursuing with the bank to clear the arrears and activate support of up to 400 MW from Eskom and 150MW from EDM.
In respect of Cahora Bassa, it is both to pay for the arrears and also renegotiate an extension of the old agreement. In respect of Eskom, the condition precedent is to pay for the arrears. With EDM is also to pay for the arrears.</blockquote>
Meanwhile, ZESA has been able to pay in advance to French and Italian companies that are currently working to revive two units at Hwange Thermal Power Station.
The revival of the two units is expected to be completed in March this year and will add another 300MW or so to the national grid.
<h4>More: <a href="https://www.sundaynews.co.zw/zesa-to-ease-load-shedding-us100m-secured-for-arrears-clearance/" rel="noopener noreferrer" target="_blank">Sunday News</a></h4>

Govt Delayed ZESA Holdings-Afreximbank Loan Facility - Gata

The <a href="https://www.pindula.co.zw/ZESA" rel="noopener noreferrer" target="_blank">Zimbabwe Electricity Supply Authority</a> (ZESA) Holdings is reportedly engaged in negotiations with the African Export-Import Bank (Afreximbank) to help clear US$70 million it owes power producers in South Africa and Mozambique.
Zimbabwe needs to repay the debt to avoid having supplies cut off by Mozambique’s Electricidade de Mocambique and Hidroelectrica de Cahora Bassa and South Africa’s Eskom.
Speaking during an interview with Bloomberg in Harare, ZESA CEO Patrick Chivaura said:
<blockquote>We are in the process of finalising a financing arrangement.
We have made great progress in settling our regional suppliers but we still owe them about $70m.</blockquote>
Chivaura said that ZESA has so far honoured an agreement made in August to pay Eskom $4 million per month to get 400MW of power in terms of a non-binding contract.
Meanwhile, ZESA has requested for a binding arrangement with Eskom and is expecting a response by the end of January.
<h4>More: <a href="https://www.businesslive.co.za/bd/national/2020-01-13-afreximbank-to-help-zimbabwes-power-utility-clear-its-70m-debt-arrears/" rel="noopener noreferrer" target="_blank">Business Live</a></h4>

ZESA Turns To Afreximbank To Help Clear Its $70 Million Debt

The African Export-Import Bank (Afreximbank) announced that it has availed $1,5 million for the victims of Tropical Cyclone Idai which ripped through three countries, namely Zimbabwe, Malawi and Mozambique over two weeks ago.
The donation was approved by the bank’s board of directors during its meeting in Cairo on March 23. In a statement released by the bank, the president Benedict Oramah is quoted as saying:
<blockquote>He announced that the funds would be disbursed through the national relief agencies of the three countries, as they were well-placed to deploy them to the most critical areas of need in each country.
In addition to the official donation, Afreximbank staff members have launched an initiative to make voluntary contributions to support the relief effort. Such donations will be collected and forwarded to the affected countries.</blockquote>
According to reports, Afreximbank has intervened in the past to deal with natural disasters.
For instance, in 2014, it contributed $1 million to combat the outbreak of the Ebola virus disease, which affected several countries in West Africa.
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<h4>More: <a href="https://www.newsday.co.zw/2019/04/afreximbank-donates-15m-to-cyclone-idai-victims/">Newsday</a></h4>

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