The Government of Zimbabwe, through the Ministry of Finance, Economic Development and Investment Promotion, has pledged a US$20 million facility to support GainGrid Investments (Private) Limited in its efforts to boost national gold reserves.
A letter signed by Finance Secretary George T. Guvamatanga confirms that GainGrid has been contracted by the Reserve Bank of Zimbabwe and the government to purchase gold from small-, medium-, and large-scale miners across the country. As part of the agreement, GainGrid will be entitled to a 5% incentive from the Ministry for gold delivered to Fidelity Printers and Refineries.
To facilitate this arrangement, Ecobank Zimbabwe Limited has agreed to discount the 5% incentive—currently amounting to US$60 million—and to discount those receivables up to a limit of US$20 million. This amount will serve as a cash pledge and collateralized facility in support of GainGrid’s loan repayments.
In the agreement, the Ministry of Finance also commits to paying GainGrid monthly installments of at least US$8 million using government funds, either with Ecobank or another designated bank. These payments are expected to be made on or before the 10th of every month.
All facility fees under the arrangement will be covered by GainGrid.
Secretary Guvamatanga, who signed the letter on behalf of the Ministry, said the arrangement is aimed at ensuring consistent delivery of gold to national reserves and represents a strategic partnership to enhance the country’s economic stability through precious metal reserves.
