Zimbabwe, Botswana, U.S. $64 million deal sealed

Zimbabwe and Botswana yesterday finally signed the agreement to start operating the 500 million pula (US$64,3 million) lines of credit to help revive distressed manufacturing firms and agriculture. The funding agreement was signed by Finance Minister Tendai Biti and Botwana's Finance Minister, Kenneth Matambo. Biti said Zimbabwe was in need of capital to rebuild industry and rejuvenate agriculture to recover from a decade of debilitating economic instability.

The manufacturing industry and agriculture each require more than US$2 billion in fresh financing per year to recapitalise operations.