$100 Million Loan From UK Meant To Ease Cash Crisis

President Emmerson Mnangagwa revealed that the $100 million loan received from the United Kingdom is meant to ease the cash crisis in Zimbabwe. Mnangagwa said the money has been disbursed to every bank in the country.

Said Mnangagwa:

For the first time after nearly 20 years we have received a soft loan from the British of $100 million and the (RBZ) Governor (Dr John Mangudya) has been telling me how he has disbursed the money and as from yesterday almost every single bank in the country had received part of the $100 million. We believe that this will go towards easing cash shortages but not only that, there are so many other sources which I would want the Minister of Finance to best articulate as to how we are fighting the issue of cash shortages.

The $100 million loan will also assist companies in food processing, manufacturing and agricultural sectors. The loan will run for three years and can be used for capital expenditure or working capital.

More: Chronicle