The European Investment Bank is considering extending loans to Zimbabwe’s private sector, more than a decade after the European Union slapped sanctions on Robert Mugabe’s government over charges of human rights abuses and vote rigging.
The bank will not lend directly to the government until the issue of more than €300-million in outstanding arrears is resolved, EIB head for the African, Caribbean and Pacific region (ACP) Diederick Zambon said on Thursday.
“The way we would like to return in the country, and where we see our role, is for the moment with the private sector,” Zambon said. “We will work through banks and that reinforces the financial sector, which is in need of reinforcement.”
The European Investment Bank is owned by EU member states and provides €1.5-billion in new loans every year to ACP countries.
By: Reuters
