admin
The Africa Export and Import Bank (Afreximbank) has in the past few years extended $3,5 billion in support of various economic activities in the Zimbabwean economy, says Reserve Bank of Zimbabwe acting governor Dr Charity Dhliwayo. Zimbabwe, currently under United States and European Union (EU) sanctions, has largely been shunned by international financial institutions as a result of the embargo, resulting in the country struggling to obtain credit lines to support economic revival programmes.
Dr Dhliwayo, who described the regional bank as a “true friend”, said here over the weekend that the Afreximbank had continued to extend a helping hand to Zimbabwe.
“Afreximbank is not like one of those friends who give you an umbrella when you do not need it and take it away when you need it,” she said.
“Someone who stands by you during your greatest hour of need is indeed your true friend.”
The central bank acting governor said the $3,5 billion had been extended to companies involved mainly in agriculture, manufacturing, mining, telecommunications as well as financial institutions.
Among the facilities was a $40 million Zimbabwe Economic and Trade Revival Facility targeting working capital and retooling for companies in the manufacturing sector.
Absence of support from multilateral financial institutions has made it difficult for local banks to obtain lines of credit at affordable rates, she said.
“Despite lack of balance of payments and budgetary support from most international financial institutions growth in economic activity in Zimbabwe has rebounded,” Dr Dhliwayo said.
Zimbabwe’s economy grew by 10,6 percent in 2012, slowed down to 3,4 percent last year and is expected to grow by 6,1 percent in 2014.
The economy, however, still requires more financial support to stimulate economic activity through retooling and boosting productivity levels in local industries. — Bernama-nnn-New Ziana.
Online Reporter