BADEA grants Zimbabwe $10 million loan for fuel

Harare- Zimbabwe (PANA) -- The Arab Bank for Economic Development in Africa (BADEA) Monday granted Zimbabwe a US$10 million loan to finance fuel imports to ease a shortage that threatens to cripple the country's economy.
In remarks at the end of a visit to Zimbabwe, BADEA Director General Medhat Lotfy said the bank could give the southern African country additional assistance to finance fuel imports.
Zimbabwe faces a critical shortage of fuel due to lack of foreign currency, a situation that threatens to grind the economy to a halt.
"This is not the first time for us to finance import of fuel for Zimbabwe, as we also helped in that area last year.
Our financing is very flexible because we prepare our programme according to the needs of a benefiting country and its priorities," Lotfy said.
Finance Minister Herbert Murerwa said the bank also tentatively agreed to loan Zimbabwe US$5 million to finance agriculture, particularly in the small-scale sector.

20 january 2003 09:43:00




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