afrol News, 22 September - Zimbabwean government has secured US $80 million in credit from Egypt-based African Export-Import Bank to buy grain and import oil, state media has reported.

Sunday Mail newspaper reported that credit facility was secured after presentation by Zimbabwe's central bank governor Gideon Gono during Egypt-based Afreximbank's annual general meeting in Morocco last week.

Afreximbank facility comes in wake of an agreement between southern African country's political rivals president Robert Mugabe, opposition leaders Morgan Tsvangirai and Arthur Mutambara to form a power-sharing government to resolve country's political impasse.

Under the agreement, Mr Mugabe retains his job as president but cedes some of his powers to Mr Tsvangirai who takes post of prime minister while Arthur Mutambara who heads smaller faction of the MDC will come in as deputy prime minister.

Afreximbank senior director B Oramah, in a letter cited by the Sunday Mail written to Gono, said credit deal was aimed at assisting Zimbabwe, currently suffering from a massive economic crisis.

On Friday, Norway said it would give Zimbabwe 40 million kroner (US $7.02 million dollars) in aid to help country deal with a lack of food and clean drinking water and reported cholera outbreak.

The Scandanivian nation made announcement after president Mugabe, Mr Tsvangirai's Movement for Democratic Change (MDC) and a faction of MDC signed power-sharing agreement.

Afreximbank is a multilateral financial institution whose main objective is to facilitate, promote and expand intra- and extra-African trade.

Zimbabwe has fastest economy decrease in world with an annual inflation of more than 11000 000 per cent.

By staff writer

© afrol News

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