CDB provides $10 million loan to Infrastructural Development Bank of Zimbabwe for capital expenditures (Linked to Record ID#22494, #62410)

Project narrative

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 Record ID#62410). 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 this project. The remaining $20 million (Tranche B) is earmarked just for working capital and will mature in one year (captured in Record ID#22494). Tranche A and Tranche B both carry a 10% interest rate. 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.