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Botswana Extends US$70m Credit Facility to Zimbabwe

BOTSWANA has offered a US$70 million credit line to help revive struggling Zimbabwean industries, a senior government official said Thursday.

 

“Botswana is proposing to provide US$70 million in credit support for some industries, all that is left is to tie up the agreement,” the official said.

A Botswana delegation, led by the secretary for Economic and Financial Policy, Taufila Nyamadzabo, met Zimbabwe’s Finance minister Tendai Biti in Harare to discuss details of the financial package.

Nyamadzabo said the global financial crisis is keeping Botswana from doing more.

Zimbabwean Finance minister Tendai Biti thanked Botswana and said he hoped others “with much bigger pockets” would also pitch in.

Biti flew to South Africa to review pledges other neighbours have made.
Southern African leaders have urged Africans to help Zimbabwe, but also made clear their resources are limited.

South Africa, the region’s economic power house, may be heading into recession and Botswana is seeing demand for its diamonds falter. —— Reuters

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