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Zimbabwe loses over 80 different lines of credit due to illegal sanctions: Prof Ncube

Story by Stanley James, Business Editor

Zimbabwe has appealed to global leaders to end illegal sanctions which have seen the country losing over 80 different lines of credit, hindering access to capital and stifling socio-economic development.

A Zimbabwean delegation led by Finance and Economic Development Minister Professor Mthuli Ncube attended the just-ended World Economic Forum (WEF) in Davos Switzerland where various engagements with global leaders, the business community and investors were held.

In an interview with a South Africa-based TV station, Newzroom Afrika, the treasury boss revealed how the country used the Forum as an opportunity to appeal to global leaders in ensuring that sanctions are removed.

“The impact of sanctions on Zimbabwe is that our banks cannot afford to access credit from world markets, so, in a way, it also stifles investments. Zimbabwe lost over 80 different lines of credit and banking relationships,” said Professor Ncube.

Despite challenges, Professor Ncube said Zimbabwe is working hard towards attracting investments.

“Zimbabwe is open for business we have great opportunities in the mining sector. We are open for opportunities in productive sectors.”

Zimbabwe used the platform to solidify the engagement and re-engagement agenda.

“We have met several investors and we are very pleased with the current trends so far actually the country is open for business,” he added.

The Treasury chief reveals that the World Economic Forum provided an opportunity for Zimbabwe to widen its network with global business leaders, exchange ideas on investments, access to finance as well as socio-economic development.

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