Zim secures loan to revive economy_Zimbabwe has secured a $50m loan facility from the Africa Export Import Bank (AEIB) to revive its agriculture and manufacturing industries.

"The purpose of the revival fund is to resuscitate a broad range of firms in the productive sector especially in agriculture and manufacturing by providing medium-term funding," Gift Simwaka, an AEIB official said.

In addition the Zimbabwe government will also contribute $20m to the joint loan facility which will be disbursed through banks to small and medium scale companies.

Prime Minister Morgan Tsvangirai said the loan will help the country revive its economy.

"The facility was established to curtail the challenges of high interest rates, unequal distribution of lines of credit ... limited lines of credit and lack of financing within the economy," Tsvangirai said.

"While this facility represents a positive development it alone cannot address economic challenges that face Zimbabwe."

Zimbabwe's economy, which has been facing difficulties over the last years, is slowly recovering after the formation of a unity government by President Robert Mugabe and Tsvangirai in February 2009.