Latest news with #MthuliNcube
Business Insider
2 days ago
- Business
- Business Insider
10 rich countries non-committal on Zimbabwe's $2.6b bridge financing appeal
Zimbabwe is yet to secure any firm pledges of financial support from the 10 countries it appealed to in its ongoing bid to settle long-standing debt arrears. Zimbabwe is actively seeking financial support from 10 nations to address its $21 billion debt burden. The country has been unable to access global financial markets since its default in 1999. Zimbabwe has requested $2.6 billion in bridge financing to address debts to international lenders. Zimbabwe is yet to secure any firm pledges of financial support from the 10 countries it appealed to in its ongoing bid to settle long-standing debt arrears. The southern African nation is burdened with a $21 billion debt, which has shut it out of global financial markets since it defaulted in 1999, according to Bloomberg. According to Finance Minister Mthuli Ncube, he had sent letters to Algeria, Brazil, China, France, Germany, Italy, Japan, South Africa, the United Arab Emirates, and the UK, requesting $2.6 billion in bridge financing to help settle debts owed to major multilateral lenders, including the World Bank, the European Investment Bank, and the African Development Bank. However, responses from the countries Zimbabwe approached for debt relief have been mixed. "Some of them are very warm, some of them not so warm. You will get a varied response,' he said. One of the major hurdles to securing the bridge financing is that seven of the countries he contacted, including China and Germany, are already creditors to Zimbabwe. Collective support needed Given the large amount of funding Zimbabwe is seeking, it's unlikely that a single nation will step in as a sponsor. Ncube stressed that it would require a collective effort of at least three countries. He also noted that Zimbabwe may explore other avenues to raise funds for debt repayment, including asset sales, though he did not offer specifics.
Bloomberg
4 days ago
- Business
- Bloomberg
Rich Nations Courted by Zimbabwe Non-Committal on $2.6 Billion Bridge Finance
Zimbabwe hasn't received any concrete commitments of financial support from 10 nations it appealed to for help in its long-standing efforts to clear debt arrears. 'Some of them are very warm, some of them not so warm,' Finance Minister Mthuli Ncube said Friday in an interview in Abidjan, the commercial capital of Ivory Coast, where he is attending the annual meetings of the African Development Bank. 'You will get a varied response.'
Bloomberg
26-05-2025
- Business
- Bloomberg
Zimbabwe Sees $2.6 Billion Bridge Finance in Place by Early 2026
By and Kamailoudini Tagba Save Zimbabwe expects the $2.6 billion bridge finance — needed to repay debt owed to international financial institutions and regain access to capital markets — to be in place by the first quarter of next year, Finance Minister Mthuli Ncube said. Ncube shared details of the roadmap to revamp the southern African nation's debt at an event in Abidjan, Ivory Coast's commercial capital, on Monday, on the sidelines of the African Development Bank's annual meetings.
Zawya
05-05-2025
- Business
- Zawya
Zimbabwe's Finance Minister to Present Energy Investment Outlook at Invest in African Energy (IAE) 2025
Mthuli Ncube, Zimbabwe's Minister of Finance, Economic Planning and Investment Promotion, will address global investors at the Invest in African Energy (IAE) 2025 Forum in Paris next week. As a keynote speaker, Minister Ncube will present Zimbabwe's energy investment outlook, economic reform agenda and efforts to mobilize private capital across the power, hydrocarbons and renewable energy value chains. Zimbabwe is targeting rapid energy sector expansion to meet rising industrial and consumer demand, reduce reliance on electricity imports and support long-term economic transformation. Key investment opportunities span power generation, transmission infrastructure, oil and gas exploration and the deployment of renewable energy – with a particular emphasis on solar and hydroelectric resources. The country is estimated to have a $4.8-billion funding gap for large-scale solar projects and is actively working to expand the pool of available capital. Efforts are also underway to enhance financial inclusion and secure more favorable terms for foreign investors in energy infrastructure. IAE 2025 ( is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ Meanwhile, Zimbabwe is home to the Muzarabani Prospect in the north, currently being explored by Australian-listed Invictus Energy. The company has identified eight high-potential gas and condensate prospects in the eastern portion of its Cabora Bassa Basin project, with the Musuma prospect emerging as a key target for exploration drilling in 2025. Recent survey results revealed significant prospectivity in the eastern basin, estimating approximately 2.9 trillion cubic feet of gas and 184 million barrels of condensate across the eight prospects on a gross mean unrisked basis. Minister Ncube's participation signals Zimbabwe's commitment to fostering an enabling investment environment and positioning energy as a central pillar of national development. The country's strategic location, resource potential and improving macroeconomic stability make it a compelling destination for long-term infrastructure and energy investment. 'Minister Ncube's keynote will offer investors direct insight into the policy direction and financing mechanisms shaping Zimbabwe's energy future. His presence at IAE 2025 underscores the country's strong push to deepen international investment partnerships in support of energy access and industrialization,' says Sandra Jeque, Events&Project Director at Energy Capital&Power. Distributed by APO Group on behalf of Energy Capital&Power.
Bloomberg
25-04-2025
- Business
- Bloomberg
Zimbabwe Finance Minister Met With US Officials to Seek Lower Tariffs
Zimbabwe met with US officials to argue for lower tariffs than those imposed on the nation by President Donald Trump earlier this month, according to Mthuli Ncube, the finance minister. The meeting held on the sidelines of the International Monetary Fund and World Bank spring meetings was to 'negotiate a new tariff regime between the two countries,' Ncube said in a video statement from Washington provided late Friday by the Zimbabwean Treasury.
