PPC recovers US$11.2m legacy debt payment from Reserve Bank of Zimbabwe

Written by Global Cement staff 21 July 2021

Zimbabwe: PPC Zimbabwe has received US$11.2m from the Reserve Bank of Zimbabwe as part of a legacy debts repayment scheme. The debt accrued due toregulations blocking the repatriation of revenue outside the country due to foreign exchange shortages, according to the New Zimbabwe newspaper. The debts were assumed by the central bank between 2016 and early 2019. At the time PPC Zimbabwe was left with a legacy debt of US$21m to its parent company PPC in South Africa. PPC expects the remainder of the debt to be repaid by the end of 2022.

Published in Global Cement News

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