China Development Bank provides $30 million line of credit to Infrastructural Development Bank of Zimbabwe (Linked to Record ID#35873, #22494)

China Development Bank provides $30 million line of credit to Infrastructural Development Bank of Zimbabwe On 21 November, 2011, the Zimbabwe Infrastructure Development Bank (IDBZ) signed a $30 million credit agreement with China Development Bank to support small and medium-sized enterprises in Zimbabwe.

Per the terms of the agreement, $10 million (Tranche A) is earmarked for capital expenditures with a maturity of five years, which is captured in linked Record ID#35873, and the remaining $20 million (Tranche B) is earmarked just for working capital and will mature in one year, which is captured in linked Record #22494.

Tranche A and Tranche B both carry a 10% interest rate.

The Chinese Government was represented at the signing ceremony by the Ambassador to Zimbabwe, Xin Shunkang, IDBZ was represented by chief executive Charles Chikaura, and the Zimbabwean government was represented by Secretary for Finance, Willard Manungo, and Accountant General for the Ministry of Finance, Judith Madzorera.

However, due to sanctions against the IDBZ it was not able to gain access to the funds.

According to the IDBZ's 2012 annual report, "following the removal of the Bank from the OFAC sanctions list draw down on the facility is now expected in the current year 2013." It is unclear whether this drawdown occurred.