HomeBusinessZimbabwe sits on 500m Euro loan offer

Zimbabwe sits on 500m Euro loan offer

Tichaona Mudzingwa, the Transport, Communications and Infrastructure deputy minister said government had not reached a decision on the Commerzbank’s pledge to finance the rehabilitation of the country’s infrastructure four months after receiving the offer.

 

The Germans were eager to strike a deal with Zimbabwe so that they can also benefit from the country’s untapped mineral wealth.
“We have not yet officially met them,” Mudzingwa said.

“The 500 million euro offer is unheard of in these challenging times but would without a doubt go a long way towards repairing our dilapidated infrastructure,” Mudzingwa said.

“If there was political will by policy makers then this offer would have sailed through and noticeable changes would begin soon.”

He said the constant conflict in the inclusive government made it difficult for the ministry to carry out any meaningful infrastructure development projects.
A Germany business delegation that visited Zimbabwe in February expressed a willingness to invest in the country despite European Union (EU) sanctions imposed on Harare.

Germany is the biggest economy in the EU.

Mudzingwa said the deal, if approved, had the potential to boost employment and ensure quicker economic revival.

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