Zim engages AfDB for help on infrastructure

THE Government has engaged the African Development Bank (AfDB) for technical assistance to improve the country’s Gross Domestic Product (GDP) through infrastructural development in order to drive progress towards the attainment of the national vision upper-middle-income economy by 2030.

President Mnangagwa’s administration’s Vision 2030 has infrastructure development as one of the designated priority areas to be achieved through Public Private Partnerships (PPPs).

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube, his deputy Kuda Mnangagwa, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya, technocrats from the University of Zimbabwe, and AfDB vice president Professor Kevin Chika Urama, who was in the country for two-day working visits, held a high-level closed-door meeting at the Treasury boardroom in Harare Monday.

The meeting provided Zimbabwe’s fiscal authorities with a unique opportunity to gain insights on economic development directly from Prof Urama, one of Africa’s foremost experts on economic modelling and policy strategies.

The engagement also focused on improving revenue efficiencies and debt sustainability to moblise funding to support infrastructure development in the country.

No comment could be obtained from Prof Ncube after the meeting as he had to dash to another important meeting.

Dr Mangudya who, however, indicated Prof Ncube was best placed to comment on the discussions said: “This (meeting) was more for the Treasury because we are talking about debt sustainability, which is a treasury issue and it’s not good for me to comment.

“From the central bank perspective, we are very happy with the model (debt investment and natural resource), which will achieve the auspices and aspirations of Vision 2030 for increased GDP of the country through PPPs and investing in infrastructure.

“The model provides for productive investment as opposed to consumptive investment.”  

In the past five years, the Government has prioritised infrastructural development embarking on road rehabilitation, dam and housing construction.

Such projects include the Harare-Masvingo-Beitbridge highway, modernisation of the Beitbridge Border Post as well as the construction of the Gwayi-Shangani Dam in Matabeleland North Province and Kunzvi Dam in Mashonaland East Province, which would address the water woes in Harare.

Once complete, the Gwayi-Shangani Dam, which will supply water to the City of Bulawayo, is expected to propel sustainable economic growth and development through fostering projects such as irrigation, tourism and recreational facilities.

The water body is also touted as the panacea to Bulawayo’s perennial water woes in Zimbabwe’s second-largest city.

The Government has also placed emphasis on the completion of the ongoing works on major roads and the re-graveling of feeder roads.

The rehabilitation of the Harare-Masvingo-Beitbridge highway is nearing completion and upon completion of the project, work on the upgrade of the 342 kilometre Harare-Chirundu highway, the northern corridor would begin in earnest.

The Harare-Chirundu highway is the northern leg of the main north-south corridor and helps Zimbabwe to connect with Zambia, the Democratic Republic of Congo, and Tanzania.

Most of the highway needs a rebuild with the Karoi-Kariba stretch having bad patches characterised by potholes and eroding edges that make it difficult for motorists to manoeuvre.

Only the stretch from Chirundu up the escarpment is considered to be in good condition after the recent work partly financed by Japanese support.

Herald

Leave a Reply

Your email address will not be published. Required fields are marked *

Positive Development

Invictus Energy Advances Zimbabwe Gas Project Amid Strategic Investments

Invictus Energy Ltd has made significant progress in its Cabora Bassa oil and gas exploration project, marking a transition from an explorer to a developer following a major gas-condensate discovery at the Mukuyu field. The company’s latest quarterly update highlights key developments in regulatory approvals, drilling plans, and financing, all pointing to the potential transformation […]

Read More
Business Positive Development

A Boost for the Economy as Zimbabwe Attracts Over US$1 Billion in Investments

Zimbabwe’s economy has received a major boost, attracting investments exceeding US$1 billion during the third quarter of 2024, with the mining sector leading the charge. This impressive capital inflow is a testament to the business-friendly policies introduced by President Mnangagwa’s government, which are restoring confidence among both local and international investors. According to a report […]

Read More
Positive Development

Varsity Heights: A Milestone in Zimbabwe’s Educational and Economic Progress

The recent commissioning of Varsity Heights at Chinhoyi University of Technology (CUT) represents a significant step forward for Zimbabwe, reflecting the nation’s commitment to advancing education and infrastructure development. The project, made possible through collaboration between the Public Service Pension Fund and other stakeholders, underscores the importance of public-private partnerships in addressing national challenges. Varsity […]

Read More