Zimbabwe secures $250 million Line of Credit for importation of essential goods

The Ministry of Finance and Economic Development, the Reserve Bank of Zimbabwe and Gemcorp Group announced today that they have signed a $250m commercial loan facility. This five-year facility will enable the importation of essential and intermediate goods to support the Zimbabwean economy.

The Minister of Finance and Economic Development, Mthuli Ncube welcomed this development and said that “granting of the facility by Gemcorp is a strong signal by foreign investors of their growing confidence in Zimbabwe. I expect more investors to follow suit”.
The Governor of the Reserve Bank of Zimbabwe, John Mangudya, added that “the line of credit is coming at an appropriate time to shore up foreign currency liquidity after the end of the tobacco selling season. This, together with other facilities that we have secured, should go a long way to meet the import requirements for essential products and services for the national economy.”

Commenting on the investment, Atanas Bostandjiev, founder and CEO of Gemcorp Group, said, “With this facility, we are financing and coordinating the delivery of essential goods to help support the Zimbabwean economy. The trade finance gap in Africa remains significant and is an enduring constraint to economic development. The Gemcorp Group remains
focused on working with local partners and borrowers across Africa and the rest of the emerging markets to provide creative funding solutions and foster trade and investment in the region”.

About Gemcorp Group:
The Gemcorp Group was formed in 2014 and has since grown to over 100 employees worldwide. Its offices are located in London, Moscow, Geneva, Dubai and throughout Africa. The group comprises a London-based fund manager (Gemcorp Capital LLP) and a physical commodities trader (Gemcorp Commodities Trading). It focuses on emerging markets with a special interest in Sub-Saharan Africa, Latin America and Eastern Europe where the group has established itself as a reliable long-term partner for sovereigns and growth focused private companies.

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