Afreximbank agrees to re-organise $1.4 billion owed by Zimbabwe

THE African Export-Import Bank has agreed to allow Zimbabwe to re-organise $1.4 billion of debt it owes the lender, which will act as an adviser in the country’s attempts to raise money to repay the loans, according to documents seen by Bloomberg.
Afreximbank will identify and approach financial institutions and investors who may be willing to provide financing to the Reserve Bank of Zimbabwe and will source letters of intent from interested investors, the document reads.
The Cairo-based lender has been one of Zimbabwe’s biggest creditors, mostly through mineral-backed concessional loans.
Arrears to the World Bank and African Development Bank has made if difficult for the country to access funding from multilateral institutions. Zimbabwe has an estimated $8 billion in foreign debt.
The country is this year experiencing a commodities boom which will undoubtedly improve foreign-exchange receipts, good rains bolstered agricultural output and inflation is on a decline since the last quarter of 2020.

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