In a statement yesterday, Dr Gondwe said that the funding would be used to buy capital goods such as machinery and equipment from Japan. The facility will be available to qualifying businesses from the Bank's 17 member states in the eastern and southern African region. "With our regional experience and reach, and the increasing demand for our products in the region, this facility will further enhance our ability to bridge the financing gap that exists in the sub-region," said Dr Gondwe.
Already, a good number of businesses have expressed an interest in the JBIC facility, because of the low interest rates attached it.
The tenor of the loans will be up to five years, excluding a grace period which will vary from project to project.
"Those businesses accessing the loan will enjoy a well-priced facility as a result of the prevailing low interest rates in Japan," said Dr Gondwe.
Source: The Nation
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