The Government of Zimbabwe secured an US$88 million loan from Fossil Mines (Private) Limited, formalised on 6 December 2021 under the Public Debt Management Act [Chapter 22:21].
According to General Notice 131B of 2023, the loan bearing an interest rate of LIBOR plus 5% per annum will mature on 6 June 2025.
The funds were designated exclusively for the Trabablas Interchange and Divergence Routes Road Infrastructure Project.
A 9-month grace period was granted on the principal amount. The financier is responsible for directly overseeing and disbursing project funds.
