SA to offer Zimbabwe financial support

13 Mar 2019

dealSouth African President Cyril Ramaphosa, when speaking at a meeting of the Bi-National Commission (BNC) in Harare yesterday, announced plans to aid Zimbabwe through loans and further financial help.

He said the SA Reserve Bank was working to help the Reserve Bank of Zimbabwe secure as much as $7 million.

According to what officials told Business Report, South Africa was eager to invest in Zimbabwe but had to face limitations such as policy uncertainties.

The two counties manage their ties through the BNC, which was first established in 2015. As Business Report states, South African companies that operate in Zimbabwe rely on their parent units for financial aid.

Following the meeting, a joint communiqué was released saying South African financiers would need guarantees to forward funds to Zimbabwean banks.

Zimbabwean President Emmerson Mnangagwa said his country would ensure South African investors feel secure about their investments.