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Zimbabwe receives $53 million grant from AfDB
22 Jan 2014 at 12:36hrs | Views
The Zimbabwean government and the African Development Bank (AfDB) have signed six grant protocols of agreement worth $53 million towards the support of on-going infrastructure, energy, water, governance and transport projects.
The grant, which is earmarked towards infrastructure rehabilitation and capacity building under the Zim-Fund and the African Development Fund, is expected to help meet some of the challenges bedeviling Zimbabwe.
The money is also expected to see the realisation of the set targets under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset).
In a speech during the signing ceremony in Harare, the Minister of Finance and Economic Development, Patrick Chinamasa expressed satisfaction with the implementation of projects under the Zim-Fund and stressed the significance of the grant in meeting the current energy and water challenges and in addressing the country's developmental challenges.
"This is an important day as we have witnessed the signing of the grant agreement which l believe will go a long way in reducing the energy deficit as well as fostering efficiency," said Chinamasa.
The grant will cover six projects with three of the projects funded by the Zimbabwe Multi-Donor Trust Fund (Zim-Fund) to the tune of $39,9 million while the other three projects will be financed by the African Development Fund totaling $13,5 million.
AfDB Resident Representative, Mr Mateous Magala expressed the bank's commitment in supporting the economic development process in the country through capacity building and investing in critical infrastructure such as water and power.
"These projects are aligned to the ZimAsset. They are also consistent with the bank's 10-year strategy which aims to place the country's recovery efforts and its quest to address the critical challenges of promoting strong and inclusive growth," he said.
Of the $13,5 million African Development Fund grant, $8 million will go towards the governance and institutional strengthening project, $4,1 million towards the youth and tourism enhancement project and US$1,3 million going towards transport sector master plan.
The emergency power infrastructure project phase 2 under the Zim-Fund has received $15,4 million while an additional $4 million has been availed for the phase 1 of the same project.
The urgent water supply and sanitation rehabilitation project phase 2 will receive $19,8 million.
The projects are set to increase the total commitment of the regional bank's active portfolio in Zimbabwe from $113,5 million to $166 million.
The grant, which is earmarked towards infrastructure rehabilitation and capacity building under the Zim-Fund and the African Development Fund, is expected to help meet some of the challenges bedeviling Zimbabwe.
The money is also expected to see the realisation of the set targets under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset).
In a speech during the signing ceremony in Harare, the Minister of Finance and Economic Development, Patrick Chinamasa expressed satisfaction with the implementation of projects under the Zim-Fund and stressed the significance of the grant in meeting the current energy and water challenges and in addressing the country's developmental challenges.
"This is an important day as we have witnessed the signing of the grant agreement which l believe will go a long way in reducing the energy deficit as well as fostering efficiency," said Chinamasa.
The grant will cover six projects with three of the projects funded by the Zimbabwe Multi-Donor Trust Fund (Zim-Fund) to the tune of $39,9 million while the other three projects will be financed by the African Development Fund totaling $13,5 million.
AfDB Resident Representative, Mr Mateous Magala expressed the bank's commitment in supporting the economic development process in the country through capacity building and investing in critical infrastructure such as water and power.
"These projects are aligned to the ZimAsset. They are also consistent with the bank's 10-year strategy which aims to place the country's recovery efforts and its quest to address the critical challenges of promoting strong and inclusive growth," he said.
Of the $13,5 million African Development Fund grant, $8 million will go towards the governance and institutional strengthening project, $4,1 million towards the youth and tourism enhancement project and US$1,3 million going towards transport sector master plan.
The emergency power infrastructure project phase 2 under the Zim-Fund has received $15,4 million while an additional $4 million has been availed for the phase 1 of the same project.
The urgent water supply and sanitation rehabilitation project phase 2 will receive $19,8 million.
The projects are set to increase the total commitment of the regional bank's active portfolio in Zimbabwe from $113,5 million to $166 million.
Source - zbc
