Botswana to support Zimbabwe with $70m

  1. Posted on Thursday 16 April 2009 - 17:20
    bruce
    Bruce Sibanda, AfricaNews reporter in Harare, Zimbabwe
    Botswana on Thursday pledged an amount of USD$70 million financial aid to its economically crippled neighbor, Zimbabwe, but it has to meet certain conditions. A delegation from Botswana was in Zimbabwe Thursday for consultative talks with Zimbabwean authorities on how the money would be availed.
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    Before the pledge only South Africa had committed R800m as part of promises that SADC undertook.

    The secretary for Economic and Financial Policy, Taufila Nyamadzabo who led the delegation met Zimbabwe's Finance Minister Tendai Biti in Harare to discuss details of the financial package.

    Speaking after the meeting, a senior Zimbabwean official told reporters that Botswana had pledged to help selected industries.

    "Botswana is proposing to provide $70 million in credit support for some industries, all that is left is to tie up the agreement," the official said.

    But Nyamadzabo said the money would be availed with conditions. No time frame was set for the release of the money.

    "We're looking at providing some credit lines for Zimbabwe, especially for industries where there could be mutual benefit, such as the steel, leather, pharmaceutical, agro-industries and manufacturing sectors," Nyamadzabo said.

    SADC pledged to urgently raise $2bn which is part of a $10bn bail-out package
    But Western countries, the US and European Union states that have imposed sanctions on Harare have said they would not give Zimbabwe economic aid until they were satisfied by reforms made.

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