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Patient Sibanda Chronicle Reporter
THE government has secured a $20 million loan for the construction of 17 schools in eight provinces. In a statement, the Minister of Finance and Economic Development, Patrick Chinamasa, said the loan agreement with the Organisation of the Petroleum Exporting Countries (OPEC) Fund for International Development was concluded on the sidelines of the International Monetary Fund/ World Bank annual meetings that ended in Lima, Peru yesterday.

The OPEC fund for International Development (OFID) was established in 1976 to foster financial cooperation between OPEC member countries and other developing countries through the provision of financial support for economic development.

“On 09 October 2015, the government of the Republic of Zimbabwe, represented by the Minister of Finance and Economic Development Patrick Chinamasa and the OPEC Fund for International Development (OFID) represented by its Director General Suleiman Al-Herbish, signed a $20 million First Education Project facility on the sidelines of the International Monetary Fund/ World Bank Annual Meetings being held in Lima, Peru from 5 – 12 October 2015,” said Minister Chinamasa.

“The government will contribute $2 million as co-finance to the project. The project will also provide relevant equipment and furniture and standard teachers’ houses for targeted schools. The facility is meant for the construction of 12 primary and five secondary schools in rural areas in eight provinces. The resources will go a long way in complementing government efforts in social infrastructure development.”

The loan’s tenure is 20 years; a repayment period of 15 years and grace period of 5 years.

“The government of Zimbabwe is grateful to the OPEC fund for International Development (OFID) for the loan facility and looks forward to increased cooperation,” added Chinamasa.

The country has a schools deficit of 2056 – 1252 primary schools and 894 secondary schools.