German-based Commerzbank has committed itself to a 500 million Euro loan facility arrangement to the local industry for infrastructure rehabilitation projects and energy development.
The Frankfurt-headquartered bank, which is Germanyâ€™s second largestÂ with a current balance sheet of over 850 billion Euros, says it is ready to partner with local industry towards attainment of sustainable economic development.
Commerzbank Vice President, Mr. Thomas Rybicki who is part ofÂ a visiting 23-member delegation in the country to explore investment opportunities, disclosed the financial institutionâ€™s 500 million Euro loan proposal to local industry to be stretched between 10 to 12 years.
Economic Planning and Investment Promotion Minister, Tapiwa Mashakada assured the delegation that the proposal will be deliberated on by government before a decision is taken.
The proposal by the German business delegation entails the need for the local mining industry to guarantee a consistent raw materials supply, particularly minerals to the European countryâ€™s industry.
On their part, the Germans have pledged to buy the commodities at prevailing market value.
The commitment by the Germany business community is a clear demonstration that much as the European Union has extended sanctions on the country, several members of the bloc including Germany are now realising that the continued existence of these harsh measures will end up harming their own economies.
The industrialised Westâ€™s economies cannot fully operate without raw materials which Africa provides.