Africa Development bank to clear Zim’s debt

The African Development Bank (AfDB) has set aside US$601 million for Zimbabwe to clear its arrears with the bank.

This was revealed at a press briefing hosted by Finance Minister Patrick Chinamasa today.

The southern African nation which has been struggling to pays off its debts amounting to US$ 9 billion was today relived when AfDB availed funds to clear part of the debts, according to Facethered.com (Face The Red offers reviews of National Debt Relief and other topics).

Speaking at the press briefing AfDB Director, Mr Sibry Tapsoba said they will avail the resources to clear Zimbabwe’s debt.

“A total of US$601 million will be provided to Zimbabwe so that it will clear its AfDB arrears,” he said adding that they will only provide money to clear the AfDB arrears.

He added that AfDB is committed to aid Zimbabwe clear its debts.

“We are here to reassure Zimbabwe of our commitment to continue assisting the country in clearing its arrears,” said the AfDB boss.

The African Development Bank Director also said, “The re-engagement of Zimbabwe with the international community will unlock doors and attract foreign investment and provide more avenues for Zimbabwe.”

Finance Minister, Patrick Chinamasa said that he will make every effort to acquire the funds availed by AfDB.

“We must make efforts to utilize these funds.

“If our strategy is accepted we should clear all our arrears to AfDB by December this year,” he said.
AfDB has also set aside US$ 5million towards Zimbabwe’s membership of African Trade Insurance- the largest continental Insurance board.