Zimbabwean firms get $400 million bank boost to expand in Africa

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Zimbabwean firms get $400 million bank boost to expand in Africa

7:06 CAT | 01 Aug 2024

FILE - Specimen notes seen during a press conference introducing the new gold backed currency ZiG in Harare [File photo: Cynthia R Matonhodze/Bloomberg]

Afreximbank has assisted Econet Wireless with its growth plans

Cairo-based lender is among Zimbabwe’s biggest creditors

The African Export-Import Bank has set aside $400 million to help Zimbabwean companies that want to expand their operations on the continent, a senior official said.

The lender has already assisted Econet Wireless Ltd., the country’s biggest telecommunications operator, with expansion plans, Afreximbank Vice President Denys Denya said Monday at a Southern African Development Community meeting being held in the capital, Harare.

The Cairo-based lender has been one of Zimbabwe’s biggest creditors, mostly through mineral-backed concessional loans, even as the country faced political and economic turmoil over the past two decades.

Afreximbank has also helped Dangote Group — owned by Africa’s richest person, Aliko Dangote — expand its cement-manufacturing business into Ghana and Tanzania, Denya said.

Source: Bloomberg