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SA banks provide funding for Beitbridge border revamp

A sign of investor confidence in Zimbabwe’s economic prospects, says its finance minister.
On average about 25 000 people pass through Beitbridge daily, according to Zimbabwean officials. Image: Guillem Sartorio/AFP/Getty Images

Lenders including Standard Bank and FirstRand have provided $130 million (R1.9 billion) of loans for an upgrade of southern Africa’s busiest border crossing.

A syndicate of banks comprising Rand Merchant Bank, Absa, Nedbank and Standard Bank availed part of the USD 300 million for the redevelopment of Beitbridge [Border] Post. This shows confidence in the Zimbabwe economy, and future growth in regional trade activity.
– Zimbabwe Finance Minister Professor Mthuli Ncube (@MthuliNcube), February 13, 2021

The financing for the Beitbridge border between South Africa and Zimbabwe includes the $130 million commercial debt tranche arranged by FirstRand’s Rand Merchant Bank unit, Standard Bank, Absa Group and Nedbank Group, according to an article paid for by RMB and published by Johannesburg-based website BusinessLive.

It also includes a $65 million development-finance institution tranche from African Export-Import Bank (Afreximbank) and the Emerging Africa Infrastructure Fund.

Zimbabwe’s finance minister, Mthuli Ncube, tweeted that the funding showed investors’ confidence in his country’s economic prospects.

A group of private-equity firms with a concession to operate the border post has said it will invest $300 million on the upgrade.

The Beitbridge crossing was closed for most traffic last month to stop the spread of the coronavirus. On average about 25 000 people pass through Beitbridge daily, according to Zimbabwean officials.

© 2021 Bloomberg L.P.

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“Zimbabwe’s finance minister, Mthuli Ncube, tweeted that the funding showed investors’ confidence in his country’s economic prospects.”

Seriously? These must be the same 3 investors interested in losing money with SAA.

End of comments.

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