HARARE, Sept. 24 (Xinhua) -- The African Export-Import Bank (Afreximbank) has entered into a memorandum of understanding (MoU) to provide a 600-million-U.S.-dollar line of credit to the Reserve Bank of Zimbabwe (RBZ), a press statement from Afreximbank said Sunday.
The MoU was signed on Saturday by Afreximbank President Benedict Oramah and Governor of RBZ John Mangudya in Harare, the capital of Zimbabwe.
According to the the MoU, the line of credit will support RBZ in the financing of trade-related transactions and projects in Zimbabwe.
The financing would be supported by Zimbabwe's export proceeds, including gold and other mining exports.
The MoU states that the line of credit is expected to boost trade into and out of Zimbabwe and will promote the country's economic development.
