By Staff Reporter – Zimbabwe is likely to receive a fresh US$1 billion injection from the African Export-Import Bank (Afreximbank) to boost the country’s comatose economy.
Afreximbank President, Benedict Oramah, made the remarks after meeting President Emmerson Mnangagwa on the sidelines of the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan.
The discussions focused on a broad spectrum of ventures that the Pan-African financial institution is implementing in Zimbabwe.
Oramah said the US$1 billion would be directed toward trade facilitation, industrial parks, railway development, and cotton value addition among other critical areas.
“We updated the President on all the bank’s activities in Zimbabwe and expressed our gratitude for his unwavering support,” he said.
“The US$1 billion facility under process will benefit both private sector players and government agencies, focusing on developing several trade-related activities, such as industrial parks and a testing and inspection centre for Southern Africa.”
Afreximbank has so far injected over US$2 billion into Zimbabwe’s economy in recent years.
The latest commitment represents additional funding aimed at enhancing sectors such as railway infrastructure, power, trading activities, and cotton production.
“Currently, we have around US$2 billion in various sectors of the Zimbabwean economy, and this new injection will further bolster development,” Oramah noted.
Oramah also revealed ambitious plans in the textile industry, including developing an integrated industrial park and an advanced textile facility in Zimbabwe, as part of the Arise Integrated Industrial Platform.
“Through our Fund for Export Development in Africa, which Zimbabwe is a member of, we are investing in developing industrial parks and integrated textile facilities,” he said.
“We are also looking to establish a testing and inspection certification centre in Zimbabwe, similar to initiatives we have undertaken in Nigeria, Kenya, and Egypt.”
“The Africa Trade Centre in Harare is well underway and progressing as planned. We anticipate it will open by the third quarter of next year, marking a milestone in our regional infrastructure.” www.parliamentwatchzw.com