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Loan saves fuel supplies

    JOHANNESBURG

    The government has secured a loan of about US $100 million for the National Oil company of Zimbabwe (NocZim) to enable it buy fuel and prevent a full-scale shortage, media reports said on Thursday.

    The loan comes from a consortium of European banks and is part of an overall agreement to renew a US $60 million credit facility granted about a year ago. "The consortium did not only agree to renew the facility but to increase the amount involved to US $100 million," a spokesman for the consortium was quoted as saying.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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