The Zimbabwean government is seeking the help of a prominent Dubai based Arab financier, Dr Andre Homberg, to facilitate the creation of liquid cash in the country.
As a result of that pursuit, Andre Homberg’s Tabarak Investment Bank has submitted a capital raising plan proposing to use Zimbabwe’s assets to create financial instruments aimed at raising more than 500 million dollars from global financial markets to sustain economic requirements.
The funds are aimed at sustaining requirements for industry and commerce.
Homberg was quoted by the state media on Thursday that his institution will consult with local banks to create financial instruments and negotiate with global funding bodies using local resources as security for repayment.
“The proposed plan might ease the shortages of cash and if it is approved we are confident of better fortunes for this economy in the short to long term,” he said.
The proposal comes as the government is considering several capital raising plans to revive industry and settle outstanding debts to regional and international financiers.
It is also being anticipated that the arrangement will enable the government to access long term funding for infrastructure development as opposed to borrowing capital with stringent conditions from some external financiers.
As a result of that pursuit, Andre Homberg’s Tabarak Investment Bank has submitted a capital raising plan proposing to use Zimbabwe’s assets to create financial instruments aimed at raising more than 500 million dollars from global financial markets to sustain economic requirements.
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| Dr Andre Homberg signing a memorandum of understanding with VP Joice Mujuru |
Homberg was quoted by the state media on Thursday that his institution will consult with local banks to create financial instruments and negotiate with global funding bodies using local resources as security for repayment.
“The proposed plan might ease the shortages of cash and if it is approved we are confident of better fortunes for this economy in the short to long term,” he said.
The proposal comes as the government is considering several capital raising plans to revive industry and settle outstanding debts to regional and international financiers.
It is also being anticipated that the arrangement will enable the government to access long term funding for infrastructure development as opposed to borrowing capital with stringent conditions from some external financiers.
