afreximbank.jpgThe African Export-Import Bank (Afreximbank), is finalising the issuance of the $100 million bond through the Commercial Bank of Zimbabwe under the Zimbabwe Economic Recovery Bond which seeks to promote exports in mining, agriculture and manufacturing sectors.

 

Afreximbank last year pledged to raise $500 million to fund projects identified under the Zimbabwe Economic Recovery Bond and the proposal has reached the final stages with expectations high that it will come to fruition in the last quarter of the year.

 

The bank’s Southern African regional manager, Mr. Gift Simwaka said the fund, which has the capacity to reach $100 million, will be critical in funding the agriculture, exports and manufacturing sectors.

 

“We are finalising the extension of $50 million which will add up to $100 million mainly for boosting exports in agriculture, mining and manufacturing. This will play a critical role in ensuring that the country’s economy has enough liquidity,” said Mr Simwaka.

 

The fruition of the bond comes at a time when the country is still smarting from neglect from other cooperating partners forcing the economy to be starved of lines of credit which are critical in turning the fortunes of the country’s economy.

 

A bond is a contract to repay borrowed money with interest at fixed intervals.

 

Afreximbank has recently injected $50 million under the Zimbabwe Economic and Trade Revival facility, where government has injected $20 million.