AfDB Says Zimbabwe Seeks $2.6 Billion in Bridge Finance to Overhaul Debt
The African Development Bank said Zimbabwe has proposed seeking $2.6 billion in bridge finance to help it clear arrears owed to international financial institutions as it attempts to break a debt impasse dating back to 1999.
The southern African nation owes about 60% of its $21 billion debt pile to external creditors including the World Bank, Paris Club, European Investment Bank and the AfDB. The debt has kept Zimbabwe locked out of global capital markets since it first defaulted on payments a quarter of a century ago.
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