HARARE – Zimbabwe and the European Union (EU) yesterday signed a $270 million financing deal for the National Indicative Programme (Nip), targeted at supporting socio-economic projects in the country over the next six years. Philippe Van Damme, EU ambassador to Zimbabwe, said half of the amount will be availed by year-end. “We look forward to…
HARARE – Reserve Bank of Zimbabwe (RBZ) subsidiary Fidelity Printers and Refiners (Fidelity) is set to partner the Zimbabwe Mining Development Corporation (ZMDC) in the establishment of a gold mining venture. John Mangudya, RBZ governor, said the two will explore easily accessible or “low hanging gold resources” through Fidelity’s unit, ZimGold. “Particular emphasis will be…
HARARE – Meikles Limited (Meikles) has been suspended from the Zimbabwe Stock Exchange (ZSE) amid reports that the bourse is probing the group’s financials for the year to March 2014, particularly disclosure of its Reserve Bank of Zimbabwe debt. The suspension is with effect from February 16, 2015. While Meikles executives were unavailable for comment,…
HARARE – Air Zimbabwe (AirZim) has commercialised its technical and engineering services as part of measures to broaden revenue streams. The airline, which advertised the services recently, is targeting the transport, mining, manufacturing, construction and printing industries, among others. While there was no official comment by time of going to print, an AirZim official, who…
HARARE – The Reserve Bank of Zimbabwe (RBZ) is set to introduce relaxed controls on international remittances by April this year, as part of its measures to boost inflows and ease liquidity constraints. John Mangudya, the RBZ governor, said the central bank “has noted that international remittances continue to play a critical role in bridging…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has implored financial institutions to lower bank charges and peg new accounts opening at $5 as a way of promoting financial inclusion in the country. John Mangudya, the central bank chief said there was need for banks operating in the country to operationalise low costs accounts to…
HARARE – Zimbabwe’s 2015 tobacco selling season will officially open next month amid concerns of a poor crop production due to heavy rains that pounded the country in January. Traditionally, the season officially commences mid-February and ends around early August, however, the season will kicked off late on the back of delayed rains and late…
HARARE – Zimbabwe’s third largest telecommunications company, Telecel, is “technically insolvent” and needs about $300 million to stay afloat, businessdaily has learnt. This is at least according to information contained in Empowerment Corporation (EC) managing director Patrick Zhuwao’s court affidavit over the 40 percent sale and war. In the papers, the ex-deputy minister said the…
HARARE – The Zimbabwe National Roads Administration (Zinara) is amenable to the idea of partnering other funding organisations in the development of key soft and hard infrastructure at border points, including Beitbridge. This comes as the African Road Maintenance Funds Association (ARMFA) president Anthony Mwanaumo has said funding remains a challenge for many of his…
HARARE – Struggling PG Industries Zimbabwe Limited (PG) plans to convert a total $7,1 million debentures into equity. The group said the conversion, at a price of $0,001, will include accrued and unpaid interest. The $7,1 million comprises $6,72 million capital and $415 681 interest. “In accordance with the scheme of arrangement proposed by PG…
