Articles tagged 'african development bank'

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...
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...
Nigeria seeking World Bank loan 1 February 2016 LAGOS - Nigeria is holding talks with the World Bank to help it fund a forecast record $11bn (£7.7bn) budget deficit. However, Finance Minister Kemi Adeosun told Reuters it was not applying for "emergency loans". Nigeria is believed to be looking for around $3.5bn from the World Bank and th...
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...
AfDB rep leaves Zim 27 August 2015 HARARE - African Development Bank (AfBD) Zimbabwe representative, Mateus Magala, is leaving the country for his native Mozambique where he is scheduled to head the coastal nation’s energy development utility, it has emerged. Finance minister Patrick Chinamasa made the announcement on Monday at...
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...
Zim faces poultry price hike 13 April 2014 HARARE - Zimbabwe's poultry prices are set to rise following the imposition of a compulsory licence for importers by government, the African Development Bank (AfDB) warned. In order to control the influx of cheap chickens that are threatening the domestic industry, poultry importers now requir...
Zim misses royalties target 10 April 2014 HARARE - Zimbabwe collected a total of $133, 7 million in mining royalties last year, missing its $245 million target, the African Development Bank (AfDB) said. In its February 2014 report, the regional bank said the country missed the projected figure because of depressed global prices. Th...
Zim secures $53m grants 23 January 2014 HARARE - Zimbabwe has secured a total $53,4 million in grants targeted at financing projects including power generation, infrastructure and water sanitation rehabilitation, among others. The finances were availed by donors through the country's multi-donor trust fund, ZimFund, and the African ...
AfDB to fund Zim transport system study 7 January 2014 HARARE - The African Development Bank (AfDB) is set to commission a $1,5 million Zimbabwe national transport master plan study aimed at providing the framework for the sustainable development of the transport sector to stimulate economic growth and reduce poverty. The study — to be implemented...
AfDB approves $17m Zim power project 2 January 2014 HARARE - The African Development Bank (AfDB) has approved a $17,52 million emergency power infrastructure rehabilitation project phase II (EPIRP II) aimed at providing reliable electricity to over five million Zimbabweans. Alex Rugamba, AfDB’s director of energy, environment and climate change...
Broad money supply declines 3 September 2013 HARARE - Zimbabwe's annual broad money supply growth declined by 18,8 percent in the 12 months to May 2013 as the country's economy suffocates under liquidity constraints among other challenges. According to the African Development Bank (AfDB)'s monthly economic review for July 2013, the count...
Zim must utilise EU-EPA: AfDB 28 August 2013 HARARE - The African Development Bank (AfDB) says Zimbabwe must utilise the interim Economic Partnership Agreement (EPA) it signed with the European Union (EU) to help boost exports and reduce a burgeoning trade deficit. In 2009, Zimbabwe, together with Madagascar, Mauritius and Seychelles sig...
AFDB calls for mining reforms 5 July 2013 HARARE – Zimbabwe must implement mining sector reforms to achieve sustainable economic growth, the African Development Bank (AfDB) has said. “The development of a mineral policy is critical, particularly given the increasing role of the mining sector in supporting the socio-economic growth obj...