Africa News
African Export-Import Bank loans Zim $100m─── 08:08 Sun, 23 Mar 2014
African Export-Import Bank will loan Zimbabwe's banking sector $100 million to ease a credit crunch that has deepened the country's economic woes.
According to the Cairo-based bank's president Jean-Louis Ekra, the loan is designed to kick-start lending from more solvent banks to those struggling with debts.
Riots broke out at the branches of two banks in Harare in December when their machines ran out of cash.
Zimbabwe's economy has been on a downturn for more than a decade with firms operating below capacity because of lack of capital, high unemployment and dilapidated road and rail networks.
Sapa