- Zimbabwean government has secured US $80 million in credit from Egypt-based African Export-Import Bank to buy grain and import oil, state media has reported.
Sunday Mail newspaper reported that credit facility was secured after presentation by Zimbabwe's central bank governor Gideon Gono during Egypt-based Afreximbank's annual general meeting in Morocco last week.
Afreximbank facility comes in wake of an agreement between southern African country's political rivals president Robert Mugabe, opposition leaders Morgan Tsvangirai and Arthur Mutambara to form a power-sharing government to resolve country's political impasse.
Under the agreement, Mr Mugabe retains his job as president but cedes some of his powers to Mr Tsvangirai who takes post of prime minister while Arthur Mutambara who heads smaller faction of the MDC will come in as deputy prime minister.
Afreximbank senior director B Oramah, in a letter cited by the Sunday Mail written to Gono, said credit deal was aimed at assisting Zimbabwe, currently suffering from a massive economic crisis.
On Friday, Norway said it would give Zimbabwe 40 million kroner (US $7.02 million dollars) in aid to help country deal with a lack of food and clean drinking water and reported cholera outbreak.
The Scandanivian nation made announcement after president Mugabe, Mr Tsvangirai's Movement for Democratic Change (MDC) and a faction of MDC signed power-sharing agreement.
Afreximbank is a multilateral financial institution whose main objective is to facilitate, promote and expand intra- and extra-African trade.
Zimbabwe has fastest economy decrease in world with an annual inflation of more than 11000 000 per cent.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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