Parly to summon Mthuli Ncube over the controversial US$88 million Mbudzi Interchange loan

Harare- PARLIAMENT Transport portfolio committee is expected to this week summon Finance minister Mthuli Ncube to explain the circumstances surrounding the US$88 million loan advanced to government by Kuda Tagwirei linked company Fossil Construction at 5 percent intrest ,Express Mail Zim can report.

Ncube said the controversial loan was channeled towards the funding of the Mbudzi Interchange where the lender (Fossil) is part of the contractors under the Tefoma consortium.

Ncube had previously stated that government had allocated US$144 million towards the project sourced from the International Monetary Fund Special Drawing Rights.

Ncube made the announcement in the Government Gazzete last week at a time when President Mnangagwa was out of the country in Malabo with an entourage that curiously included Tagwirei in a seemingly calculated timing.

” The timing that Mthuli made the announcement is suspicious.

“The President was not around and it appears as if he deliberately chose this period in a show of disgruntlement of the massive looting and plunder of the economy,” said a political analyst who preffered anonymity.

Our source who is part of the Transport Portfolio Committee said Ncube is likely to appear before the Committee before the end of the week.

“The minister is likely to be summoned before Friday for to submit the rationale behind the borrowing yet government claimed to have allocated US$144 million from IMF.
“An audit would soon follow after the grilling by the portfolio committee to seek answers on the transaction,” said our source.

The loan agreement was signed on December 6 2021 for the “sole purpose of funding the Mbudzi Interchange and Divergence Road Infrastructure Project.”

The vaccinating finance minister could not be reached for comment at the time of writing.