With respect to the Republic of Zimbabwe the obligation to guarantee the free transfer of payments referred to in paragraph (g) of Article 5 (the proceeds of sale or liquidation of the investment) shall apply as follows:
- a)in the case of investments made on or after the 1st of May 1993 these payments shall be fully and freely transferable;
- b)in the case of investments made before the 1st May 1993 these payments shall be subject to such conditions as to remittability (in particular, conditions governing the proportion of such payments that may be remitted) as may have been agreed with the national and fixed in terms of the laws of the Republic of Zimbabwe at the time of admission of the investment provided that:
- i)such conditions as to remittability shall not, after entry into force of the Agreement, be altered so as to place the national in a less favourable position; and
- ii)if such laws as to remittability are more favourable at the time of transfer, then the transfer shall be permitted in accordance with such more favourable laws; and
- iii)these payments are transferable by way of instalments over a period not exceeding 18 months provided that not less than 50% of the total proceeds shall be made transferable at the time when the application for transfer is made, 25% of the proceeds shall be transferable 9 months after such application, and the remaining 25% of the proceeds shall be transferable 18 months after such application; and
- iv)any remaining balance of the proceeds which is not transferred shall, until it is transferred as aforesaid, be retained in Zimbabwe in an account denominated in local currency and shall accrue interest at the prevailing local market rate.
