Kuwait reschedules Zimbabwe debt

via Kuwait reschedules Zimbabwe debt 22/11/2013 by NewZiana

THE Kuwait Fund for Arab Economic Development (KFAED) says it has rescheduled Zimbabwe’s debt and will also resume operations in Zimbabwe shortly, including providing project financing.

Zimbabwe owes the Fund an unspecified amount of money, and has defaulted on repayment because of economic difficulties.

Speaking Thursday after meeting President Robert Mugabe in Kuwait City, KFAED Director-General Abdulwahab Al-Bader said the Fund recognized the economic challenges Zimbabwe was facing, and had rescheduled the debt as a result.

“Because of the hardships and embargoes, and sanctions, Zimbabwe failed to repay some of our loans,” said Al-Bader, who did not have the figure of the debt at hand.

He said Zimbabwe would soon submit priority project proposals to the fund for consideration. He said the country had also requested grants to conduct technical studies on some important projects.

“We are going to look at the current development plan of Zimbabwe and select projects which fit into our financing,” he said, adding that the areas which the fund would consider assisting with funding included infrastructure, health and social welfare.

“We have assisted in the railways earlier and we do not know whether we will also be going back into that,” he said. “We will be resuming operations as soon as possible, possibly as early as next January,” he added.

The move by the KFAED comes soon after the summit of African and Arab countries in Kuwait on Tuesday and Wednesday which agreed to enhance co-operation between the two regions to accelerate development.



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    its good but be careful here.these Arab guys are known to be crooks .they are targeting something.please don’t put the country on the yoke because manje manje you will be gone motisiira zvikwereti.For your own information mhuri yezimbabwe inoremekedzwa, Ian Smith left left a health balance of fund in 1980 . Mugabe and crew were shocked with the money, which was generated during UDI. Economywise Smith was a genius,even apartheid SA feared his hands on approach to the economy.Manje mablazo awa, wanga dzega dzega

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    These sly Arabs are up to something. Anyway they have zanooids by the short and curly!!!!!!!!;;;;;;;;;;;!

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    We owe almost every nation. How can we develop as a nation? Smith was better off.

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    damba 10 years ago

    But why not say the amount owed?. and how the default in payments are like?

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    munzwa 10 years ago

    Might as well re schedule, its not going to be repaid anyway… interestingly they do not want to go back into the railways..

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    moyokumusha 10 years ago

    Why worry about the Arab crooks. I bet they are better than the Chinese plunderers. The reality is the world is getting worried about food security. The Chinese have billions of people and the Arabs have sand. Mugabe has a blunder and he and his generals are desperate so they – the Chinese and Arabs and others see the opportunity for exploit the situation. I wonder if they will not be the ones who will bring the commercial farmers back not the west. Food for thought.

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    Mzvinavhu 10 years ago

    I’m a Zanu Pf supporter and regret to say I agree with above sentiments, Ian Smith was far better than our own President Mugabe.