World Bank To Give Zimbabwe $22 Million Grant.

"The World Bank will soon make its first grant to Zimbabwe since the country's politicians agreed to a power-sharing deal, but said on Monday it would provide loans only after arrears were cleared. World Bank Regional Executive Director Toga Gayewea McIntosh said the $22 million grant should be available in the next few weeks and that small grants would be offered for now...." [Reuters (5/18)/Factiva]

AFP adds that "...McIntosh said the Bank would be prepared to discuss a more 'substantial amount of money' if Zimbabwe made progress toward clearing its arrears. 'The first task is to see how Zimbabwe can get on with debt reduction,' he said.... Zimbabwe owes the World Bank and the African Development Bank $1.4 billion, the Paris Club $3 billion, while external debt is currently $5 billion, according to Finance Minister Tendai Biti.... Biti said technical assistance from the Bank would help Zimbabwe repair its crumbling infrastructure...." [Agence France Presse (5/18)/Factiva]