WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2011-03-21 Time: 23:00:03 Posted By: News Poster
By Kudzai Chimhangwa
Harare – GOVERNMENT will soon offload its shares in Agribank in order to make the bank more competitive after Cabinet authorised the cash- strapped state-owned bank to seek strategic partners, Finance minister Tendai Biti said on Friday.
Biti said this at the official signing of the memorandum of understanding and commercial agreement between the Industrial Development Corporation (IDC) South Africa and Agribank for a US$30 million loan facility.
The two banks have agreed on a six-year facility for medium term use and is concessional with a capital grace repayment of one year.
“This event is the Bilateral Investment Promotion and Protection Agreement signed between Zimbabwe and South Africa in action,” said Biti adding that when Agribank becomes more competitive, strategic partners can be taken on board through an initial public offering.
The funding arrangement comes at a time when Agribank is restructuring and has closed nine branches in various parts of the country as well as retrenching 160 employees.
Biti explained that Zimbabwe’s economy needed capital in the form of foreign direct investment contributing between 15 to 25% of Gross Domestic Product (GDP) and internal savings constituting 30% of GDP.
Ufikile Khumalo, the IDC executive director said that the signing ceremony mark-ed the beginning of greater levels of co-operation between the institution and other Zimbabwean entities.
“IDC South Africa intends to broaden the investment footprint in the economy,” said Khumalo adding that over US$80 million worth of investments have been made in various companies in Zimbabwe, among them Delta and Econet.
“We are well placed to strengthen the region’s backbone in the agricultural sector, mining, manufacturing, Information and Communication Technology, retail, capacity building and any other sectors that we may agree upon from time to time,” he said.
Khumalo pointed out that the professional manner in which the negotiations were conducted gave the institution confidence and re-assurance that the funds would be used for the intended purposes.
Agribank CEO Sam Malaba said the memorandum of understanding is the culmination of lengthy negotiations also buttressed by the Sadc Finance and Investment protocol recently ratified by Namibia, which promotes co-operation between regional countries in developmental financing.
Malaba said that US$20 million would be allocated to companies with interests in agro-processing, horticulture, fertilisers and food processing among others.
“The other US$10 million will be disbursed towards IDC Zimbabwe subsidiaries,” he said.
Original Source: 
Original date published: 21 March 2011
Source: http://allafrica.com/stories/201103211511.html?viewall=1