afremixbank regional manager.jpgThe Africa Export Import Bank (Afreximbank) has pledged to continue working with the government in facilitating the revival of key productive sectors by increasing its loan revolving facilities for Zimbabwe to US$1 billion next year.

After having been impressed with the performance of the economy in the past two years, the Afreximbank has revised upwards its loan facilities for the country’s productive sectors by 45% with effect from January next year.

This year US$550 million was disbursed in the form of loans.

In an interview with ZBC News, Afreximbank Regional Manager for Southern Africa, Mr Gift Simwaka said the bank has finalised discussions with key government ministries on its 2012 loan revolving facility allocations, which attract concessionary rates of between 7 and 10% per year.

“We are really happy with the way our funds are being managed and we hope to do more,” Mr Simwaka said.

Mr Simwaka said the bank will continue to help Zimbabwe on financial rescue packages on the realisation that companies and households are failing to access loans from banks due to high costs of borrowing at short term periods.

“We are really committed to Zimbabwe as shown by our work in the past two years,” added Mr Simwaka.

According to its 2011 annual report, Afreximbank is projecting the economy to register a positive 9,3% growth rate this year from 8% last year on the back of increased production in mining and agriculture.