Banks in Zimbabwe Begin Loan Services
By Adeleke Adefioye
Some Zimbabwean banks have started giving loans to their account holders, signaling faith in ongoing government efforts to reinvigorate the country’s battered economy. Most of the banks are now offering low interest personal loans to salaried account holders, and corporate loans to fund viable projects. The loans are however subject to tough conditions, such as the provision of immovable properties like houses as collateral for corporate loans. Zimbabwe experienced record inflation over the past decade and is struggling to achieve economic recovery under a new coalition government. The current coalition is headed by veteran President Robert Mugabe [Unlink], with the reformist former opposition leader Morgan Tsvangirai [Unlink] as prime minister.