The Bank for Africa Development has announce on Monday that it had created financial tools needed to pay more than $3 billion in compensation to white farmers who lost their land and other assets in Zimbabwe.
The bank’s president, Akinwumi Adesina, at a news conference in Harare, said the new proposal would “exploit capital markets” to avoid exacerbating Zimbabwe’s debt situation, He refuse to give more information
This is why the African Development Bank is currently working with the Government of Zimbabwe to develop innovative financing tools and structures that can be used to accelerate the mobilization of valuable compensation. $3.5 billion,” reads part of the release.
He added: “I encourage development partners to work together on this proposed structure, which can help leverage capital markets to finance offsets without adding to the debtors. Zimbabwe”. In 2020, Zimbabwe agreed to compensate local white farmers whose land was taken by the government since 2000 and to also resettle black families, in one of the most divisive but popular policies under the pass government
The expropriation triggered a series of Western sanctions and isolation against Zimbabwe. The South African nation’s economy collapsed due to high inflation and debt.
