The ADB to support Zimbabwe with credit lines and tackling its arrears
But Adesina said the country has cleared its arrears with the IMF using its special drawing rights facility — a reserve asset meant to supplement each member country’s official money reserves. Discussions with other lenders were ongoing, according to Adesina, but he would not commit to a time frame. "These conversations are continuing; I’m hopeful that we will be able to reach a solution with all the parties concerned." In December, the Cairo-based African Export-Import Bank (Afreximbank) said it would avail a loan to the tune of $1.5bn to Zimbabwe to assist with the economic recovery process. Adesina said the ADB would provide funding for the long-mooted upgrade of the Beitbridge border post, among the busiest and most congested, crossings on the continent. "Its a critical part of regional infrastructure and we will be delighted to finance it." Adesina spoke on the eve of the launch of the Africa Investment Forum, a new initiative by the bank, that aims to be "100% transactional, w...
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