Zimbabwe secures $80m

Harare – Zimbabwe has secured $80m in credit from Egypt-based African Export-Import Bank that will be used to buy grain and import oil, state media said on Sunday.

The credit facility was secured after a presentation by the country’s central bank chief Gideon Gono, during Afreximbank’s annual general meeting in Morocco last week.

The report in the Sunday Mail newspaper also follows a recently signed power-sharing deal in Zimbabwe in a bid to end a ruinous political crisis.

Afreximbank senior director B Oramah, in a letter cited by the Sunday Mail written to Gono, said the credit deal was aimed at assisting Zimbabwe, currently suffering from a massive economic crisis.

Afreximbank is a multilateral financial institution whose main objective is to facilitate, promote and expand intra- and extra-African trade.

On Friday, Norway said it would give Zimbabwe 40 million kroner in aid to help the country deal with a lack of food and clean drinking water and a cholera outbreak.

The Scandanivian nation made the announcement after President Robert Mugabe, opposition leader Morgan Tsvangirai’s Movement for Democratic Change (MDC) and a dissident faction of the MDC signed the power-sharing agreement.

The parties are however yet to agree on how to distribute the cabinet posts in the unity government.