African Export-Import Bank (Afreximbank) has started talks on how to support Zimbabwe’s economic recovery.
The bank had alaready highlighted the Bank’s various facilities currently operational in Zimbabwe.
A delegation of the bank led by the President, Prof. Benedict Oramah, on Wednesday in Bali, Indonesia, held talks with a Zimbabwean Government team led by the Minister of Finance and Economic Development, Prof. Mthuli Ncube, and the Governor of the Reserve Bank of Zimbabwe, Dr. John Mangudya.
The meeting took place on the sidelines of the 2018 International Monetary Fund and World Bank Group Annual Meetings.
They discussed the modality of the $500-million Nostro stabilization facility which Zimbabwe had requested from the Bank and agreed on the processes toward concluding that transaction by the end of October 2018.
The ultimate goal of the facility is to secure payments for essential imports and to promote exports, diaspora remittances and deposit of foreign currency.
It is envisaged that this will restore foreign currency liquidity and stability in the market.
President Oramah took advantage of the meeting to brief the minister about the Intra-African Trade Fair being organised by the Bank in December and the Babacar Ndiaye Lecture which Afreximbank it would host in Bali on 13 October.
President Oramah also received Dr. Yani Younoussa, Governor of the Central Bank of Comoros.
He told him that Afreximbank was committed to supporting the economy of Comoros and saying that the Bank was ready to look at financing sectors of the economy that could support the country’s blue economy, including ports and fish processing.
He said that the Bank was keen to look at ways of providing facilities to the government to enable it to execute its development projects.
Dr. Younoussa told the President that Comoros was making progress on its ratification of the Bank’s Establishment Agreement.
The Afreximbank delegation also met with a delegation from Cote d’Ivoire led by Adama Kone, the Minister of Economy and Finance.
The President briefed the Minister on the work of Afreximbank in Cote d’Ivoire, including the development of industrials parks and provision of lines of credit to Ivorian banks, in addition to other forms of support to the economy.
He commended the Ivorian Government for its support in the preparations for the Intra-African Trade Fair, saying that 18 countries had already taken up country pavilions at the fair.
The Minister was joined by Jeanne Guehe, the Ivorian Ambassador to Australia, and several other Ivorian officials.
The meetings were part of a series of meetings with political, economic and business leaders lined up for the Afreximbank delegation during the 2018 International Monetary Fund and World Bank Group Annual Meetings which was taking place in Bali from 8 to 14 October.