The United States of America has annulled a sanction placed 12 years ago on the Agribank and the Infrastructure Development Bank of Zimbabwe- IDBZ on May 27th, 2020. This was disclosed by Agribank acting chief executive, Mr. Elfas Chimbera during an interview with The Herald.
In July 2008, the two banks were placed under US sanctions; five years later, there was a partial lift-off by the issuance of a license which permits business affairs with the two banks, but subject to limitations.
By February 2016, although the banks were removed from the sanctions list, there were still license requirements.
With the newly lifted sanctions, Zimbabwean’s banks can now engage in international business more easily and obtain lines of credit from the international monetary institutions.
“…Agribank has been expanding the search for correspondent banking relationships as well as regional and international lines of credit to support agriculture financing and development” said Agribank acting chief executive, Mr. Elfas Chimbera.
Mr. Chimbera also believes the development will reinforce the banks’ ability to build more banking and financial relationships while advancing medium and long-term lines of credit critical for agriculture financing and development,”
The newly lifted sanctions are traceable to 2008 when ex-president of the USA, Click here to read entire article
Source:: Ventures Africa