United States of America Flag The United States of America Treasury’s Office of Foreign Assets Control (OFAC) has lifted sanctions on the Agricultural Development Bank of Zimbabwe and Infrastructure Development Bank of Zimbabwe.
In a notice, OFAC said the two institutions have been removed from the Specially Designated Nationals and Blocked Persons List (SDN List). The notice read in part: The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Zimbabwe Sanctions Regulations to remove a general license that authorizes all transactions involving Agricultural Development Bank of Zimbabwe and Infrastructure Development Bank of Zimbabwe as a result of these entities being removed from OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List). The United States imposed sanctions on the companies on 25 July 2008 on allegations that they contributed to the undermining of democratic processes and institutions in Zimbabwe by providing support for the then president, the late Robert Mugabe’s regime.
The development has been welcomed by Finance and Economic Development Minister Mthuli Ncube. He said: The lifting of restrictions and sanctions on Agribank and Infrastructure Development Bank of Zimbabwe by the US Treasury is most welcome. This will improve the banks’ ability to structure credit lines with other financiers going forward.