DBSA announces huge Zimbabwean infrastructure loan
7 October 2011
The Development Bank of Southern Africa has provided a $206 million (£133 million) loan to Zimbabwe for a development project, the largest loan of its type in the country's history.
The money will be used for the redevelopment of a major road, spanning from Plumtree, on the country's western border with Botswana, to Mutare in the east. The route will span 801 km.
Creating around 800 skilled and semi-skilled jobs, the project will reduce road and vehicle maintenance costs, congestion and road accidents along the route.
Zimbabwe's minister of finance Tendai Biti called the project a "game changer", adding that it reflects the growing confidence of investors in the country's future.
He also said the project will usher in "a new era of re-investment in the country's economic infrastructure, creating jobs and boosting economic efficiency".
The African Development Bank (AfDB) recently announced a loan worth $370 million has been approved for a road project in Gabon.