No preferential treatment on Zim debt: Europe bank

HARARE – The European Investment Bank (EIB) says Zimbabwe will not be given preferential treatment on the repayment of its $300 million loan.

Deiderick Zambon, EIB’s division chief for southern Africa and Indian Ocean, said Zimbabwe will be treated like any other country.

“We are a commercial bank and we don’t have a prerogative to forgive debts like our colleagues at the World Bank (WB) or the African Development Bank (AfDB),” he said, adding that “bank will not offer any preferential treatment to the country in terms of its arrears repayment”.

An EIB delegation is currently in Zimbabwe for a three-day visit.

The team has met Finance minister Patrick Chinamasa and central bank governor John Mangudya in negotiations expected to lead to the sealing of deals with the private sector players in the country.

Zimbabwe has a huge debt overhang estimated at $6,1 billion owed to the International Monetary Fund, WB, AfDB, EIB and other financiers.

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