Articles tagged 'afdb'

Slash public sector wage bill: World Bank 25 June 2017 OUR Deputy Business Editor, Ndakaziva Majaka, talks to World Bank's (WB) outgoing country manager, Camille Nuamah, whose tour of duty ran from June 2014. NUamah will be succeeded by WB's sector manager for Urban Development and Services in East and Southern Africa, Rosemary Mukami Kariuki, who...
Zim's frayed theatre of reform 30 April 2017 HARARE - Impoverished Zimbabwe must clear $1,8 billion of debt arrears to the World Bank (WB) and the African Development Bank (AfDB) before the banks can start lending to President Robert Mugabe’s government, economists have said. This comes after Singaporean global commodities firm, Trafigur...
Banks call for quick Lima deal 5 March 2017 HARARE - Government must negotiate the Lima deal to avoid a “cliff edge” cash crisis forcing banks to limit amounts to individuals and companies, leading Zimbabwean commercial banks have said. Finance minister Patrick Chinamasa has said he is forging ahead with formal negotiations with interna...
Chitungwiza refurbishes water system 14 January 2017 CHITUNGWIZA - Chitungwiza has started replacing water and sewer pipes in the dormitory town after accessing a $2,5 million loan from the Africa Development Bank (AfDB). Mayor Philip Mutoti said pipe replacement was overdue as the town was grappling with burst sewer pipes. Mutoti said the di...
Parly enlists AfDB help in 'mega deals' talks 28 December 2016 HARARE - Zimbabwe's National Assembly has unanimously ratified an agreement for the ratification of the African Legal Support Facility, hosted by the African Development Bank (AfDB), to help government in the negotiation of complex commercial transactions  so-called mega deals.  Finance and Ec...
Stanchart Plc awaits British govt nod for Mugabe bailout 8 December 2016 HARARE - Standard Chartered Bank, a British multinational banking and financial services group, has said it is waiting for approval by the British government to give the autocratic Zanu PF government a $262 million bailout loan. The British domiciled bank confirmed it had been asked by regiona...
Women's Bank to receive licence 25 November 2016 HARARE - Zimbabwe's first Women's Bank will soon receive its full Zimbabwean banking licence, following earlier approval by the central bank, the Women Affairs, Gender and Community Development minister Nyasha Chikwinya has said. The Harare-based start-up, which has been on the cards since 201...
Zim not due for credit lines: Chinamasa 24 November 2016 HARARE - Zimbabwe will not get funding from international lending institutions until it clears all its debts with creditors including the World Bank and the African Development Bank (AfDB), Finance minister Patrick Chinamasa has said. There was hope in President Robert Mugabe’s cash-strapped g...
AfDB writes off Zim debt 10 May 2016 HARARE - The African Development Bank (AfDB) has set aside resources to write off Zimbabwe's $601 million debt, Finance minister Patrick Chinamasa has said. Chinamasa last week told Parliament that the regional money lender had secured funding to write-off arrears for indebted African countrie...
AfDB moves to end malnutrition 19 April 2016 HARARE - The African Development Bank president (AfDB) Akinwumi Adesina says the greatest contributor to economic growth is not physical infrastructure, but brainpower, or ‘gray matter infrastructure’. Adesina told delegates attending an event on global nutrition organised by the Bill and Meli...
AfDB president snubs Zim 14 April 2016 HARARE - African Development Bank (AfDB) president Akinwumi Adesina snubbed Zimbabwe on his recent working visit to Southern Africa. The Nigerian, who was elected to the regional financial institution in May last year ahead of Zimbabwe’s Thomas Sakala, visited Malawi and Mozambique last week a...
Zim economically distressed — AfDB 30 October 2015 HARARE - Zimbabwe is regarded as an “economically-distressed state” by the African Development Bank (AfDB) due to the country's present economic situation, the Reserve Bank of Zimbabwe (RBZ) governor has said. Central bank chief, John Mangudya told delegates attending the Confederation of Zimb...
Re-engagement key for economic revival 22 October 2015 HARARE - Very few individuals in President Robert Mugabe's Zanu PF administration, such as Finance minister Patrick Chinamasa, are pushing the international re-engagement agenda but their efforts are going to waste due to lack of complementing economic reforms. Over the past three years, Zimba...
Politburo backs Chinamasa 16 October 2015 HARARE - Zanu PF's politburo yesterday threw its weight behind Finance minister Patrick Chinamasa's efforts to re-engage the World Bank, IMF and African Development Bank (AfDB). This comes as War Veterans minister Chris Mutsvangwa, a key ally of vice president and succession aspirant Emmerson ...
Zim grant awaits AfDB board nod 21 September 2015 HARARE - The African Development Bank (AfDB) management is developing a paper for its executive board to authorise a grant to be availed to Zimbabwe for the country to clear its $600 million arrears to the lender, a Cabinet minister has said. In a statement released yesterday, Finance minister...
AfDB writes off Zim's $600m debt 16 September 2015 HARARE - The African Development Bank (AfDB) says it will unveil funds to Zimbabwe aimed at clearing the country's over $600 million debt. AfDB executive director, Sibry Tapsoba, yesterday told reporters that the regional lender had come up with a plan to help Zimbabwe settle its arrears, whic...
Country to settle $10bn debt: AfDB 19 June 2015 VICTORIA FALLS - Zimbabwe will craft a “debt repayment plan” to address the country’s over $10 billion debt overhang by August, the African Development Bank (AfDB) to Zimbabwe representative said. Mateus Magala, the AfDB local chief envoy, told delegates at the ongoing Buy Zimbabwe 2015: Buy L...
Zim banks shun corporates: AfDB 10 June 2015 HARARE – Zimbabwe’s financial services now prefer lending to individuals in favour of risky corporate borrowers, the African Development Bank (AfDB) has said. In its March 2015 Monthly Report on Zimbabwe, the regional banking group said individuals continued to borrow more than productive sect...
Zim gold production up 50pc 10 June 2015 HARARE - Zimbabwe’s total gold deliveries surged by nearly 50 percent to 1 546,16 kilogrammes (kg) in March 2015, from 1 040,49 kg recorded in March 2014, figures from the African Development Bank (AfDB) reveal. In its monthly economic review for Zimbabwe, the multilateral lender said the reco...
Gold production up 20pc 11 April 2015 HARARE - Zimbabwe’s gold production went up by nearly 20 percent from 926,79 kg in January 2014 to 1 111,62 kg in January this year, statistics from the Africa Development Bank (AfDB) shows. In its monthly economic review for Zimbabwe, the AfDB said deliveries by primary producers increased by...
ABCH secures $50m loan 15 March 2015 HARARE - Banking group ABC Holdings Limited (ABCH) has secured a $50 million multi-currency loan from the African Development Bank (AfDB) for on-lending to small-to-medium enterprises (SMEs). The loan, with a seven-year tenor, will be disbursed through ABCH's subsidiaries in Botswana, Mozambiq...
Zim seeks AfDB assistance on debt management 24 February 2015 HARARE - Zimbabwe is seeking the African Development Bank (AfDB)’s technical assistance to manage and clear its multi-billion dollar debt. The country, which owes the AfDB $566 million, is saddled by debts — domestic and foreign — of nearly $10 billion. Finance minister Patrick Chinamasa told ...
Zim, AfDB to sign $110m deal 10 December 2014 HARARE - Zimbabwe and the African Development Bank (AfDB) are expected to sign a two-year $110 million facility today. This comes as the country has had to rely on developmental partners and multi-lateral institutions for financial support on capital projects. Finance minister Patrick China...
Zim must decide on debt relief: AfDB 22 August 2014 HARARE - The African Development Bank (AfDB) has said the decision to get Zimbabwe's staggering US$10 billion external debt written off under the Heavily Indebted Poor Countries (HIPC) initiative, lies solely with the ruling government. HIPC is a debt relief programme managed by the AfDB, Inte...
Repeal Indigenisation Act: Robertson 14 July 2014 HARARE - As Zimbabwe hurtles towards more economic problems, leading economist and journalist John Robertson believes President Robert Mugabe’s administration is running out of time to fix the economy. And with the country’s debt now pegged at $9,9 billion, prospects of relief appear too dista...