Zimbabwe gets 40 million euro credit line
Wednesday, 28 July 2010
Zim gets 40m euro credit line
By Isdore Guvamombe recently in TEHRAN, Iran
THE Islamic Republic of Iran has extended a 40-million euro credit facility to Zimbabwe for the energy, banking and manufacturing sectors.
In an interview on Saturday, Zimbabwe’s Ambassador to Iran, Mr Nicholas Kitikiti, said the credit facility has been made available after Zimbabwe recently serviced its 15 million euro debt, to the oil-rich country.
"Zimbabwe now qualifies to access the euro 40 million facility because Iran was waiting for us to clear our initial debt of US$15 million. The facility is there and waiting for us to harness.
"Now that we have serviced that debt, we now qualify for the facility and our Government is working on sector specific projects and as soon as that is done, we will start accessing the facility.
"I have already communicated authorities back home about this development and I am sure this will go a long way in assisting us in our economic development programmes,’’ he said.
Ambassador Kitikiti said part of the projects provided for in the lines of credit includes the refurbishment of Kariba Power Station that should see an increase in power generation.
He said Zimbabwe had been failing to access the credit line after experiencing problems in clearing the initial 15-million euro tractor facility and that the country had since met the terms.
Zimbabwe, he said, would also negotiate
