{"id":73890,"date":"2023-02-10T13:13:40","date_gmt":"2023-02-10T11:13:40","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2"},"modified":"2023-02-10T19:36:31","modified_gmt":"2023-02-10T17:36:31","slug":"govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2","title":{"rendered":"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the rehabilitation and upgrade of the 354km Harare-Kanyemba<\/b> Road.<\/p>\n

Kanyemba is a border town on the Zambezi River where Zimbabwe, Zambia and Mozambique meet just upstream of Lake Cabora Bassa.<\/p>\n

A separate $5 billion loan was also secured for other road networks under the Emergency Road Rehabilitation Programme<\/b> Phase 2.<\/p>\n

Finance and Economic Development Minister Professor Mthuli Ncube<\/b> announced the availability of the loan facilities in an Extraordinary Government Gazette published this week. Reads the notice:<\/p>\n

It is hereby notified, in terms of section 300 (3) of the Constitution of Zimbabwe, as read with section 18(2) of the Public Debt Management Act [Chapter 22:21], that the Minister of Finance and Economic Development signed a Loan Agreement for the Harare\u2013 Kanyemba Road Construction Project between Government of Zimbabwe and PIM Nominees (Private) Limited on June 6, 2022, under the terms specified in the Schedule.<\/p>\n

1. The loan amount is US$360 500 000,00, loan to be disbursed through a revolving facility of US$60 000 000,00, at a time for 6 times.<\/p>\n

2. The borrower is Government of Zimbabwe.<\/p>\n

3. The lender is PIM Nominees (Private) Limited.<\/p>\n

4. The tenure of the Facility will be a period of 6 years.<\/p>\n

5. The loan facility shall be utilised for the sole purpose of rehabilitation and upgrading of the Harare to Kanyemba road over 5 years.<\/p>\n

6. The loan interest rate shall be 1-month SOFR + 5% per annum.<\/p>\n

7. The drawdowns are subject to a deposit of 30% of the revolving facility being US$18 000 000,00, which will be paid for each and every drawdown of US$60 000 000,00, subsequent to the first drawdown until the facility is drawn down in full.<\/p>\n

8. The grace period is a period of nine (9) months after signature of the Loan Agreement.<\/p>\n

9. The penalty interest charge on unpaid due payments is 3% for the number of days in arrears.<\/p>\n

Prof Ncube also gazetted separate loan facilities of US$600 million and $4 billion where the Government under the stewardship of ZINARA<\/b> will superintend infrastructure projects under ERRP Phase Two.<\/p>\n

The construction of the Harare-Kanyemba Road is expected to boost connectivity and convenience as travellers to the Democratic Republic of Congo and Tanzania cut their journeys by close to 400km.<\/p>\n

The project is being spearheaded by a local contractor, Exodus Construction<\/b>, who has been working on redesigning and the total construction of a 10km road that links Mahuhwe<\/b> and Mushumbi<\/b>.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the rehabilitation and upgrade of the 354km Harare-Kanyemba Road. Kanyemba is a border town on the Zambezi River where Zimbabwe, Zambia and Mozambique meet just upstream of Lake Cabora Bassa. A separate $5 billion loan […]<\/p>\n","protected":false},"author":84,"featured_media":73889,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[1493,2189,13386,13890,13889,13888,13887,5994,19,4410],"class_list":{"0":"post-73890","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-emergency-road-rehabilitation-programme-2-errp2","12":"tag-exodus-construction","13":"tag-harare-kanyemba-road-rehabilitation","14":"tag-mahuhwe","15":"tag-mushumbi","16":"tag-professor-mthuli-ncube","17":"tag-zimbabwe","18":"tag-zimbabwe-national-road-administration-zinara"},"yoast_head":"\nGovt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the r ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation\" \/>\n<meta property=\"og:description\" content=\"The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the r ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-10T11:13:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T17:36:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2\",\"name\":\"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation - zimbabwe\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg\",\"datePublished\":\"2023-02-10T11:13:40+00:00\",\"dateModified\":\"2023-02-10T17:36:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\"},\"description\":\"The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the r ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg\",\"width\":800,\"height\":533,\"caption\":\"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.cc\/zimbabwe\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/\",\"name\":\"zimbabwe\",\"description\":\"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\",\"name\":\"cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation - zimbabwe","description":"The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the r ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2","og_locale":"en_US","og_type":"article","og_title":"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation","og_description":"The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the r ...","og_url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2","og_site_name":"zimbabwe","article_published_time":"2023-02-10T11:13:40+00:00","article_modified_time":"2023-02-10T17:36:31+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2","url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2","name":"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation - zimbabwe","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg","datePublished":"2023-02-10T11:13:40+00:00","dateModified":"2023-02-10T17:36:31+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4"},"description":"The Government of Zimbabwe has secured a US$360.5 million funding facility from PIM Nominees (Private) Limited for the r ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#primaryimage","url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg","contentUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/02\/postQueueImg_1676022228.52-63e6804571d69.jpg","width":800,"height":533,"caption":"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/govt-secures-us360-5-million-loan-facility-for-harare-kanyemba-road-rehabilitation-2#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.cc\/zimbabwe\/"},{"@type":"ListItem","position":2,"name":"Govt Secures US$360.5 Million Loan Facility For Harare-Kanyemba Road Rehabilitation"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website","url":"https:\/\/www.africa-press.net\/zimbabwe\/","name":"zimbabwe","description":"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4","name":"cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/73890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/comments?post=73890"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/73890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media\/73889"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media?parent=73890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/categories?post=73890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/tags?post=73890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}