Two fertilizer companies in Zimbabwe are getting recapitalised by African Export-Import Bank (Afreximbank) with up to US$40 million. Sables Chemicals is partly owned by government and private investors while Windmill is a 100 percent privately owned fertiliser producer.
The bank allotted in loan, US$24 million to Sables Chemicals and US$12 million capital to Windmill two weeks ago according to Denys Denya, the Afreximbank vice-president in charge of finance, credit risk, administration and banking services.
This was disclosed at the three day Winter School, held at the Grand Hyatt Dubai Towers, from August 7-9, ran under the theme: “Expanding horizons, elevating minds-Unlocking Zimbabwe’s tourism and investment potential”, with the aim of showcasing Zimbabwe as a tourist and investment destination.
Denya said the gesture was a sign that Afreximbank had confidence in the future of Zimbabwe’s struggling companies and that Afreximbank was committed to helping the country revive its economy.