The African Development Bank (AfDB) has pledged its continued support for Zimbabwe’s infrastructure development programs, this was revealed by the AfDB Country Manager, Eyerusalem Fasika, while addressing delegates at Zimbabwe Economic Development Conference (ZEDCON) in Bulawayo, today.
Speaking at the conference, Fasika said Zimbabwe needed an estimated US$2 billion annually for infrastructure development, but only 20% of that requirement was currently financed, leaving a deficit of US$1.6 billion.
“Given the magnitude of investment required, public resources alone will not be sufficient. The Bank is preparing technical assistance for the City of Harare to help strengthen municipal finances and identify projects capable of attracting funding.
“This will develop an integrated city profile and city action plan, while strengthening municipal finance and creditworthiness and helping establish a pipeline of bankable projects,” Fasika said.
Additionally, Fasika informed the AfDB was also supporting Zimbabwe through financing, grants and technical assistance, citing its work on the Kariba Dam Rehabilitation Project, the Alaska–Karoi transmission line and the National Transport Sector Master Plan.
Fasika called for stronger project preparation and cooperation among Government, financial institutions and private investors to mobilise funding for transport, energy and urban services.
Meanwhile, during a sideline interview with Harare post, Chief Engineer – Infrastructure at the National Railways of Zimbabwe (NRZ), Engineer Richard Gurure, said that NRZ was working to conclude a US$150 million project-finance facility with Afreximbank, backed by committed chrome-export volumes destined for Maputo, Mozambique.
