The Insider

Ecobank Zimbabwe is set to improve its underwriting capacity after parent company, Ecobank Transnational Incorporated signed a seven-year $100 million loan facility with  the European Investment Bank, an official has said.

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Creditors of the defunct diamond mine, Gye Nyame Resources on Monday voted in favour of a $20 million capital injection by a potential investor but failed to resolve the issue of who should repay the $5 million owed to Ecobank.

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When land distribution has been highly unequal – as in East Asia and in Southern Africa – redistribution of land to smallholders is a key step in economic development, says Ian Scoones co-author of the book: Zimbabwe’s Land Reform: Myths and Realities.

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Most fuel stations in Harare today slashed prices of both petrol and diesel by between 11 percent and 12 percent ahead of the government deadline tomorrow, with most operators saying the new prices were still competitive.

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“This country’s beauty and bounty have been overshadowed by political unrest and economic collapse over the last few decades, but today, the government is finally stable, the overinflated Zimbabwean dollar is gone, and the prices are low.”

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Up to 34 properties belonging to the now defunct Royal Bank will go under the hammer as the Deposit Protection Corporation (DPC) moves to recover creditors’ funds.

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The Zimbabwe Power Company says talks with China Eximbank  to fund the $1.5 billion expansion works for Hwange Thermal Power Station are likely to drag into the last quarter of the year although the regulator awarded the licence for the works to begin last month.

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The world’s richest man, Bill Gates, has acknowledged that Zimbabwe could be on the right track as land redistribution may be the engine that Africa needs to achieve sustained, high growth and turn into a development success.  

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State-owned fixed line operator TelOne sees four percent growth in revenue in 2015 after it recovered $100 million from debtors that would improve its working capital position, managing director Chipo Mtasa has said.

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At least 40 applicants are eyeing the post of general manager at struggling National Railways of Zimbabwe, an official said today.

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