- Zimbabwe's new unity government seem to have struck the right keys, with finacing institutions announcing major economic remedying cocktails that could help the country pull out of its economic misery.
Just a few days after the International Monetary Fund announced the partial lifting of major technical assistance restrictions against Zimbabwe, African financial institutions have also announced a US$ 428 million in credit lines.
The country's minister of finance, Tendai Biti announced today that the African Export-Import Bank (Afrexim Bank) provided $250 million to rescue the mining, banking and agricultural sectors, while the Eastern and Southern African Trade and Development Bank has also granted Zimbabwe a $178 million credit line.
Mr Biti told the media conference that the funding will help in Zimbabwe's economic activity, which would also include privatisation of public entreprises.
The state news agency reported today that the continental bank joins the growing list of creditors that have extended a helping hand to Zimbabwe in recent months following similar gestures by the African Development Bank, the Botswana and South African governments, among others.
Zimbabwe had soon after the formation of the unity government, announced an urgent need over $8 billion to realise its economic recovery.
The waring parties had formed the unity government in February after many hurdles in the negotiations, which have left Robert Mugabe still in the presidency with opposition leaders Morgan Tsvangirai and Authur Mutambara taking the premier and deputy portfolios.
The country had slided to the worst economic and humanitarian crisis ever, with the record inflation well above the mark coupled with the Cholera epidemic that affected thousands of people.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 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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