CDB provides $20 million loan to Infrastructural Development Bank of Zimbabwe for working capital (linked to #35873, #62410)

On 21 November, 2011, the Zimbabwe Infrastructure Development Bank (IDBZ) signed a $30 million loan facility agreement with China Development Bank to support small and medium-sized enterprises in Zimbabwe (captured in Project ID#62410) (See: 驻津巴布韦大使忻顺康出席中国国家开发银行与津巴布韦基础设施发展银行3000万美元授信协议签约仪式 and Infrastructure Development Bank Secures U.S. $30 Million Loan Facility). Per the terms of the agreement, $10 million (Tranche A) is earmarked for capital expenditures with a maturity of five years, which is captured in linked project #35873 (See: Infrastructure Development Bank Secures U.S. $30 Million Loan Facility). The remaining $20 million as captured in this project (Tranche B) is earmarked just for working capital and will mature in one year. Tranche A and Tranche B both carry a 10% interest rate (See: Infrastructure Development Bank Secures U.S. $30 Million Loan Facility). The Chinese Government was represented at the signing ceremony by the Ambassador to Zimbabwe, Xin Shunkang, IDBZ was represented by chief executive Charles Chikaura, and the Zimbabwean government was represented by Secretary for Finance, Willard Manungo, and Accountant General for the Ministry of Finance, Judith Madzorera (See: Infrastructure Development Bank Secures U.S. $30 Million Loan Facility).

Additional details

This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.

Number of official sources

3

Number of unofficial sources

2