Zimbabwe Eyes $150 Million AfDB Loan for Debt Resolution
Bloomberg Zimbabwe is in talks with the African Development Bank for a $150 million loan as part of efforts to clear billions of dollars of debt arrears, Finance Minister Mthuli Ncube said. The discussions add to efforts flagged by Ncube in April that the authorities are having with nations including the UK, Japan and Germany to raise $2.5 billion. The southern African nation has been locked out of international capital markets since 1999 after defaulting on debt owed to lend
Zimbabwe is in discussions with the African Development Bank (AfDB) to secure a $150 million loan. This funding is intended to help the nation address its substantial debt arrears, which have led to its exclusion from international capital markets since 1999. The country is aiming to restructure approximately $23 billion in outstanding loans.
These talks with the AfDB are part of broader efforts to raise $2.5 billion, involving discussions with countries like the UK, Japan, and Germany. The AfDB has previously supported Zimbabwe's debt clearance initiatives, including a $4 million grant approved in May. Clearing these arrears is considered crucial for unlocking much-needed development financing.
Resolving its significant debt arrears is essential for Zimbabwe to regain access to international financing and stimulate economic development.
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