The African Development Bank (AfDB) is working towards assisting Zimbabwe to raise $3.5 billion (R67 billion) needed to compensate white farmers evicted from their land more than two decades ago, a condition set by the nation’s biggest creditors before they accept a proposed debt-clearance program.
The Southern African nation concluded a fourth round of talks with creditors on Monday on the clearance of $17 billion it owes to multilateral lenders, including the World Bank and Paris Club. More discussions are planned after elections scheduled for later this year.
Under an accord signed in 2020, the government agreed to compensate white farmers whose land was seized by state-backed militants, but it has repeatedly missed the repayment deadlines. While it initially envisioned paying the farmers over 20 years, that period has now been reduced to a decade, according to Finance Minister Mthuli Ncube.