IDBZ says it has not signed any credit facility with NetOne

Last month, reports came out in the local press that NetOne had secured USD 60m to help with its mobile broadband rollout. We picked up the news here too. According the reports then, the funds had been sourced from China Export-Import Bank, Infrastructure Development Bank of Zimbabwe (IDBZ), CBZ Bank and BancABC.

We have since seen a report by Trade Finance that basically says the 60 million funding claims were simply not true. IDBZ’s involvement in the funding at least.

According to the report, Trade Finance received an email statement from IDBZ that clarified the matter. The statement says IDBZ was surprised by the reports in the local press as they have not signed any facility with NetOne.

Trade Finance explains that IDBZ acknowledged it was in discussions with the China Development Bank (CDB) on a $30 million line of credit for NetOne. It is expected that local lenders, including IDBZ, will also participate in the financing. Local lenders here probably refers to CBZ and BancABC.