Zimbabwe is in talks with the African Development Bank for a $150 million loan as part of efforts to clear billions of dollars of debt arrears, Finance Minister Mthuli Ncube said.
The discussions add to efforts flagged by Ncube in April that the authorities are having with nations including the UK, Japan and Germany to raise $2.5 billion.
The southern African nation has been locked out of international capital markets since 1999 after defaulting on debt owed to lenders including the World Bank, the Paris Club and the AfDB, and is seeking to restructure about $23 billion of loans.
The AfDB’s Transition Support Facility is designed to help eligible countries clear their debt arrears and normalize relations with international creditors, according to Eyerusalem Fasika, the lender’s country director for Zimbabwe. The AfDB already approved a $4 million grant to Zimbabwe in May to support the arrears clearance process, she said.
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
