EU shuts door on Zimbabwe financing

The European Union (EU) has announced that it will not provide financing to Zimbabwe, despite the lifting of economic sanctions imposed on the country in 2018. EU ambassador to Zimbabwe, Jobst von Kirchmann, stated that the bloc will not lend to Zimbabwe owing to arrears, even if sanctions are lifted.

The EU had previously provided financial assistance to Zimbabwe under the European Investment Bank (EIB) and the European Union Agency for Technical Assistance and Cooperation (TAEC). However, in 2018, the EU imposed economic sanctions on Zimbabwe due to concerns over human rights abuses and democratic backsliding. The sanctions included restrictions on exports and imports, as well as a freeze on assets belonging to the government of President Robert Mugabe.

In November 2017, Mugabe was ousted in a military coup and replaced by Emmerson Mnangagwa. The EU lifted the economic sanctions on Zimbabwe in October 2018, citing progress towards democratic reforms and improvements in human rights. However, despite this, the EU has not provided any new financing to the country.

According to von Kirchmann, the reason for the EU's decision not to lend to Zimbabwe is because of the country's arrears on previous loans. The EU had previously provided financial assistance to Zimbabwe under the EIB and TAEC, but the country has failed to repay these loans. As a result, the EU has been unable to provide any new financing to the country.

In summary, the EU has announced that it will not provide financing to Zimbabwe owing to arrears on previous loans, even though economic sanctions have been lifted. The EU had previously provided financial assistance to Zimbabwe under the EIB and TAEC, but the country has failed to repay these loans, leading to the EU's decision not to lend any further funds.