Zim private sector secure a boost from AfDB

by | Sep 24, 2021 | Business | 0 comments

Amanda E.N Jojo

Government and key economic stakeholders have hailed the funding of the Zimbabwe’s private sector by the African Development Bank (AfDB) board of directors.

The development is set to accelerate Zimbabwe’s re-industrialisation drive and spur sustainable socio-economic development.

The Zimbabwe Country Brief strategy 2021- 2023 which outlines private sector support and institutional reforms, was virtually launched by the African Development Bank (AfDB) board this week.

AfDB Country Manager for Zimbabwe, Moono Mupotola reiterated its commitment to back the private sector and highlighted on the re-engagement plan with Zimbabwe.

“The focus of our strategy is to strengthen resilience and build competitiveness by improving the private sector’s productive capacity through an improved business climate, ecosystem and infrastructure and also to leverage the opportunities the AfCFTA offers,” said Mupotola

Speaking at the launch, Finance and Economic Development Minister Mthuli Ncube said the Zimbabwe country brief is yet another milestone indication of continuity cooperation and support.

“The launch of the Zimbabwe Country Brief which will guide government engagement with AfDB for the next three years covering year 2021 to 2023 and I am pleased to note that this has been slated together with the private sector road show and am confident it will result in more Zimbabwean companies benefitting with various support windows within the bank.

“The bank also comes with the financial support to complement government efforts in addressing socio-economic challenges,” Ncube said.

He thanked the bank for approving the country brief and country portfolio performance review in May 2021.

“This was a result of extensive consultation with key stakeholders in government as well as development partners and we are confident this will bring desired positive contributions to the targeted areas of support,” Ncube said.

The country brief will be financed with the sources of the AfDB fund which amounts to US$10.5 earmarked for supporting project which are in line with the National Development Strategy (NDS 1).

The fund will enhance the productive capacity of the private sector, agriculture value chain, women and the youth.
Speaking at the same event, the Reserve Bank of Zimbabwe Governor Dr John Mangudya said the country need to focus more on private sector and focus on being productive.

“We are happy with AfDB working in Zimbabwe policy direction of deepening accountability governance, supporting private sector, yes we are in arrears but one day we shall be out of this bracket.

“Our fundamentals in Zimbabwe are okay we need more of your support to help increase the confidence levels in Zimbabwe, capacity utilization and productivity,” Dr Mangudya said.

The central bank’s focus areas which are containment and stabilizing the inflation in Zimbabwe at the same time inclusive growth and financing, without living anyone behind.

“We have seen that in the past one year we have been walking the talk that the private sector needs to take a lead in our developmental efforts,” Dr Mangudya said.

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