Business
‘Zimbabwe a good debtor’ – The Herald
Kudzanai Sharara in Cairo, Egypt
The Zimbabwe Government, banks and private firms that have accessed funding facilities from the African Export-Import Bank (Afreximbank) are servicing loans without any challenges, an executive with the Pan-African lender has said.
Speaking in an interview on the sidelines of Intra-Africa Trade Fair underway in Cairo Egypt, Denys Denya, Executive Vice President, Finance, Administration and Banking Services Afreximbank said performance of facilities extended to the Southern African country have been “exemplary”.
“The bank has never had challenges,” said Mr Denya.
He said the bank has over the years provided facilities to the Reserve Bank of Zimbabwe for them to manage, letters of credit, and “these have performed very well”.
Afreximbank is one of the few go to lenders for Zimbabwe as the country continues to struggle to have its debts with other international lenders such as the World Bank, IMF and the African Development Bank (AfDB) restructured.
President Mnangagwa’s administration had to engage AfDB president Dr Akinwumi Adesina to champion the debt and arrears clearance process.
Zimbabwe’s external debt stands at US$12 billion with arrears accounting for US$6,6 billion.
This debt overhang is constraining the country to access reasonable cost of capital critical for financing infrastructure projects.
To address this, Government is implementing an Arrears Clearance, Debt Relief and Restructuring Strategy and already, Government has established a Structured Dialogue Platform with all creditors with a view to resolve the debt overhang situation.
Since late 2022, the Government of Zimbabwe, through a structured dialogue on debt with creditors, has been engaged in a concerted process to resolve its official debt and clear its arrears with international creditors, including the African Development Bank.
Afreximbank has however remained open to business and continues to extend funding to Zimbabwe.
As of Saturday November 12, 2023, at the ongoing Intra-Africa Trade Fair in Cairo, Egypt, deals worth a total US$181 million have been signed between Afreximbank bank and two local institutions.
On Friday CABS signed a US$40 million facility with the Afreximbank meant to support the export sectors of the economy by providing requisite working capital and capital expenditure facilities.
And on Saturday, Exodus and Company signed a US$141 million intra-Africa Investment Finance Facility to support Exodus in its strategy to become a continental actor in engineering and procurement sector in Africa by enhancing its capacity to execute large projects.
“At the moment, we don’t have issues with facilities in Zimbabwe, but what we are looking at is how to add value to the commodities that are produced,” said Mr Denya.
Business
Breaking news – Chronicle
FlyNamibia adds Zimbabwe route
FlyNamibia has announced it will, from April next year, launch flights between Windhoek and Victoria Falls to operate on Tuesdays, Thursdays, and Saturdays between Hosea Kutako International Airport and Victoria Falls International Airport.
The new route is a key element in Zimbabwe’s regional network expansion strategy, FlyNamibia managing director Andre Compion said.
It will also enhance regional connectivity, promote tourism within Namibia and position Windhoek as an alternative gateway to the region.
FlyNamibia’s partnership with Airlink will give it access to the GDS, which will allow it to promote its new flights and packages to markets that were previously beyond reach. The airline is also planning to unveil new routes to Botswana and Angola in the future.
The new flights will effectively more than triple FlyNamibia’s current schedule of regional flights. Compion also revealed that the airline was entering the final phase of preparations for the introduction of flights to Luanda, Angola.
FlyNamibia is a Namibian private airline that mostly plies domestic routes from Eros Airport in Windhoek to Ondangwa, Rundu, Katima Mulilo, Lüderitz, and Oranjemund.
The airline also has a regional route between Hosea Kutako International Airport and Cape Town International Airport. The airline recently became a member of IATA.
This membership will give FlyNamibia access to a number of benefits, including global recognition and acceptance, access to IATA’s global network of airlines and travel agents, and support with marketing and sales.— Business Weekly
Business
Breaking news – Chronicle
FlyNamibia adds Zimbabwe route
FlyNamibia has announced it will, from April next year, launch flights between Windhoek and Victoria Falls to operate on Tuesdays, Thursdays, and Saturdays between Hosea Kutako International Airport and Victoria Falls International Airport.
The new route is a key element in Zimbabwe’s regional network expansion strategy, FlyNamibia managing director Andre Compion said.
It will also enhance regional connectivity, promote tourism within Namibia and position Windhoek as an alternative gateway to the region.
FlyNamibia’s partnership with Airlink will give it access to the GDS, which will allow it to promote its new flights and packages to markets that were previously beyond reach. The airline is also planning to unveil new routes to Botswana and Angola in the future.
The new flights will effectively more than triple FlyNamibia’s current schedule of regional flights. Compion also revealed that the airline was entering the final phase of preparations for the introduction of flights to Luanda, Angola.
FlyNamibia is a Namibian private airline that mostly plies domestic routes from Eros Airport in Windhoek to Ondangwa, Rundu, Katima Mulilo, Lüderitz, and Oranjemund.
The airline also has a regional route between Hosea Kutako International Airport and Cape Town International Airport. The airline recently became a member of IATA.
This membership will give FlyNamibia access to a number of benefits, including global recognition and acceptance, access to IATA’s global network of airlines and travel agents, and support with marketing and sales.— Business Weekly
Business
Breaking news – Chronicle
Vice President Mohadi officially opens the Zimbabwe Institute of Strategic Thinkers Annual Conference
Mthabisi Tshuma, Online Writer
VICE President Kembo Mohadi has officially opened the 2023 Zimbabwe Institute of Strategic Thinkers Annual Conference at a local resort in Nyanga.
The event is being attended by Manicaland Provincial Affairs and Devolution Minister Advocate Misheck Mugadza, Deputy Minister of Industry and Commerce Roy Bhila, Deputy Minister of ICT, Postal and Courier Services Dingumuzi Phuti, Zimbabwe Institute of Strategic Thinkers Annual Conference leadership and players from various business sectors.
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