Afreximbank gives Zimbabwe $188 million to buy prepaid meters
Four Zimbabwean organisations will receive $188 million from African Export-Import Bank to import prepaid meters to improve the supply of electricity and revenue generation in the Zimbabwe power sector.
“African Export-Import Bank (Afreximbank) has signed financing agreements with four Zimbabwean entities for a total of $188,600,000,” Afreximbank in a statement said.
The bank entered into the agreement with the Zimbabwean entities at the second Intra-African Trade Fair (IATF2021), currently taking place in Durban.
Afreximbank announced that the fund would help the Zimbabwean organisations, including Electricity Transmission & Distribution Company (ZETDC), Central African Building Society, CBZ and ZB Bank, to improve electricity supply and revenue generated from electricity supply through the introduction of smart and prepaid meters.
Explaining how the fund will be distributed, Afreximbank disclosed that the ZETDC would get a $110.4 million syndicated term loan facility to improve the DisCo’s revenue collection through smart and prepaid metering projects.
The bank further revealed that it provided the Central African Building Society with a $40 million facility to support its participation in a syndicated facility aimed at improving the supply of electricity in Zimbabwe through the payment of legacy debt and the importation of prepaid meters.
The third transaction, which is a $28.2 million dual-tranche facility, will be given to CBZ Bank to provide much-needed offshore foreign currency in Zimbabwe.
The bank explained that the transaction would also help finance the import of raw materials for key industries, thereby creating jobs and, in some cases, facilitating export diversification.
Also, Afreximbank signed another $10 million term sheet with ZB Bank to enable its participation as one of the syndicated lenders in a facility for the energy sector in Zimbabwe by providing adequate financing for power generation and transmission infrastructure.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Tinubu advised me never to negotiate with criminals, Gov Ododo says
“I don’t play with criminals, and I don’t negotiate with them. I can tell you that, as far as Kogi State is concerned, we don’t have a department for ransom payment,” he said.
Heading 1
U.S. has spent $37.5 billion on Iran war: Hegseth
“The estimate we have as of today is $37.5 billion,” Mr Hegseth said.
Lagos
Slain Lagos NURTW organising secretary buried amid tears
Mr Ajiboye died days after he was attacked by gunmen.
Africa
144 refugees, migrants dead, missing off Mauritania coast: UNHCR
“The refugees and migrants were reported dead or missing after attempting the perilous sea journey from West Africa towards Europe,” the agency said.
World
U.S. govt condemns Ortega’s ban on elections in Nicaragua
Mr Rubio urged the international community to rise against Mr Ortega’s dictatorship.
World
Zelensky sacks Ukraine’s top general after firing defence minister
Mr Syrskyi’s dismissal came days after Mr Zelensky fired Ukraine’s defence minister, Mykhailo Fedorov, a decision that sparked protests across the country.
