AfDB reaffirms support for Zim

THE African Development Bank (AfDB) has reaffirmed its commitment to support Zimbabwe’s private sector and different economic sectors on the back of the enabling environment the Government is creating.

AfDB is a regional financial institution headquartered in Abidjan, Cote d’ Ivoire.

Addressing members of the media in Harare after a closed-door meeting with the Government officials last Friday, AfDB two vice presidents – Mr Solomon Quaynor who is responsible for private sector, infrastructure and industrialisation, and Dr Kevin Kariuki who is responsible for power, energy, climate change and green growth reiterated the bank’s commitment to helping Zimbabwe rebuild the economy.

“My key area has been to do a lot of fact-finding on what we can do as an institution to support private sector development in Zimbabwe in a deeper sense.

“We spent time already meeting with several private sector entities, we have had a chance to meet with the Government to really understand the enabling environment that the Government is creating.

“And we are quite excited to really deepen our work here in terms of private sector investments as well as infrastructural investments which is important to capitalise private sector investments,” he said.

The visit by the two officials is hard on the heels of AfDB president Dr Akinwumi Adesina who visited the country last month and accepted to serve as the country’s arrears clearance strategy and debt resolution champion among international financial institutions and bilateral creditors.

Since the coming of the Second Republic led by President Mnangagwa in November 2017,
the country has embarked on various infrastructure development projects in the areas of
road and energy, among others.

The rebuilding of Zimbabwe’s infrastructure has in the past four years been transformative largely supported by internally-generated resources.

“My main purpose for being here was to reiterate the African Development Bank’s support to the power sector in Zimbabwe specifically with regard to the Batoka Gorge Hydropower Project.

“Secondly, to support the country in energy transition as Zimbabwe embarks on low carbon development trajectory and thirdly to offer support as far as climate-smart agriculture is concerned as a means of the country adapting to climate change which is here to stay,” said Mr Kariuki.

Speaking at the same occasion, Finance and Economic Development Minister Professor Mthuli Ncube hailed AfDB support to Zimbabwe.

He said the visiting AfDB officials were in the country to explore further opportunities
where the regional financier could extend further support as well as deal with
Zimbabwe’s arrears clearance in terms of debt management.

“These are the areas that we have explored in terms of opportunities where the bank
could support Zimbabwe and we are pleased that we have had this robust discussion and
we have to follow through with the office of the AfDB here (Zimbabwe).

Follow through in terms of areas that should be further explored,” said Prof Ncube.
Energy and Power Development Minister Zhemu Soda, Secretary in the Ministry of Industry and Commerce Dr Mavis Sibanda, Transport and Infrastructural Development Minister Mike Madiro, Lands, Agriculture, Water, Fisheries and Rural Development Deputy Minister Vangelis Haritatos, Reserve Bank of Zimbabwe (RBZ) Deputy Governor Dr Jasmine Chipika, among other Government official attended the closed door meeting and media briefing.-The Herald