ZETDC agrees to $110 mln Afreximbank financing deal

By Owen Mandovha
THE Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has secured a multi-million dollar power supply loan facility at the Inter Africa Trade Fair in Durban.
The signing of a US$110 million loan facility between ZETDC and Afreximbank is meant to clear the parastatal’s legacy debts as alluded to by the Deputy Minister of Foreign Affairs and International Trade Honourable David Musayabayana.
“This is a boon for the local electricity supply and transmission sector as you know that the sector was crippled by high indebtedness especially for ZETDC and our hope is that the company will be transformed by this facility,” he said.
Meanwhile, South Africa’s Deputy Minister of Trade, Industry and Economic Development, Honourable Nomalungela Gina toured the Zimbabwe Pavilion with her Zimbabwean Counterpart, Honourable Raji Modi where the need to harness bilateral trade was topical.
“Zimbabwe and South Africa share a lot and that closeness will be key in creating synergies that will grow trade between our two countries,” said Gina.
“The Zimbabwe Pavilion has demonstrated our capacity to break into foreign markets and South Africa and Zimbabwe are siamese twins and this Fair has provided opportunities to harness our trade linkages,” said Modi.
The ongoing Inter-Africa Trade Fair is the first to be held since the operationalisation of the Africa Continental Free Trade Area.

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