Zimbabwe Gets Loan to Pay $1.7 Billion AFDB, World Bank Debt
- Afreximbank brokers syndicated loan for interest, penalties
- Loan will help improve nation’s risk profile, minister says
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Zimbabwe has secured a syndicated loan put together by the African Export-Import Bank that will enable it to clear $1.7 billion of arrears with the World Bank and African Development Bank.
The funds will allow the southern African nation to settle $1.1 billion it owes in interest and penalties and some principal debt to the World Bank and $601 million to the AFDB, Finance Minister Patrick Chinamasa said. He didn’t name the lenders but said the rate on the loan is cheaper than that charged by the World Bank.