TIME Bank Holdings has unveiled a US$38 billion syndicated loan proposal aimed at settling Zimbabwe’s domestic and foreign debts. The plan, secured by government-owned land, is expected to boost investor confidence both locally and internationally, according to Time Bank.
The financial institution stated that the funds would be allocated to compensate 13 key groups, including former farm owners, pensioners, and multilateral and bilateral creditors. Time Bank describes the initiative as an indigenous solution that aligns with global best practices while leveraging local resources to enhance the value of Zimbabwean exports.
The proposal hinges on converting 500,000 hectares of state land into urban land and issuing Treasury bonds backed by this asset. Under the plan, the government would issue US$38 billion in bonds, which a banking syndicate led by Time Bank would purchase at a 10% discount. These bonds would then be exchanged for land, effectively clearing the government’s debts without resorting to central bank borrowing, tax hikes, or economic disruption.
Time Bank argues that this approach could resolve Zimbabwe’s external debt crisis, restore creditor relations, and unlock affordable credit lines to revive the economy. The country is currently engaged in structured debt negotiations with international lenders as part of broader economic reforms.
However, the bank has raised serious concerns, alleging that its proprietary proposal was copied without authorization. In a recent statement, Time Bank claimed: “While awaiting government approval, our proposal was pirated, infringing on our patent. We expect a fair resolution to ensure the project proceeds.”
These allegations, if proven, could damage the government’s credibility, portraying it as exploiting private sector innovation without due recognition. Nevertheless, the broader priority remains debt resolution—a critical step toward Zimbabwe’s economic recovery.
President Emmerson Mnangagwa has long emphasized self-reliance, encapsulated in the national mantra “nyika inovakwa nevene vayo” (a country is built by its people). Time Bank’s initiative reflects private sector commitment to solving entrenched economic challenges.
As former AfDB President Akinwumi Adesina noted, “Zimbabwe cannot climb the steep hill of recovery while burdened by debt.” The government should engage Time Bank constructively** to explore viable solutions and finally break free from its long-standing debt trap.
