Botswana Pledges $70 million to Zimbabwe
Botswana on Thursday pledged a 70 million US dollar (53 million euro) credit to Harare to boost the country’s ailing economy and support key industries.
“Botswana is proposing to provide some 70 million US dollars in credit support for some industries,” a Zimbabwean government official said after a meeting between the country’s finance minister and Botswana’s secretary for economic planning.
“All that is left is to tie up the agreement,” the official said.
The money would shore up the steel, leather and manufacturing industries, said Botswana’s secretary for economic planning Taufila Nyamadzabo after meeting with Zimbabwean Finance Minister Tendai Biti.
Nyamadzabo confirmed the deal but did not disclose figures.
Southern African Development Community (SADC) leaders in March promised to help Zimbabwe raise 8.5 billion dollars over the next two to three years to help revitalise its ruined economy.
“SADC member states agreed to assist Zimbabwe to try to normalize the relationship between Zimbabwe and organizations such as the World bank, the African Development Bank and the IMF,” Nyamadzabo told a news conference.
But Western donors announced that they will not lend money to Zimbabwe or lift sanctions against President Robert Mugabe until he proves that he is willing to reform and work with arch-rival Prime Minister Morgan Tsvangirai in the new unity government.
Biti welcomed the Botswanan government’s pledge but called on rich nations to make donations based on the size of their GDPs.
Posted by Wellington Chadehumbe
on April 17, 2009. Filed under Financial News.
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