News / National
Zim gets US$65m grant for the rehabilitation of infrastructure projects
06 Jul 2013 at 06:28hrs | Views
The African Development Bank (ADB) has extended a US$65 million grant to Zimbabwe for the rehabilitation of infrastructure projects.
The grant is part of a US$125 million facility extended to Zimbabwe by the ADB through its Zim fund facility aimed at renovating infrastructure projects.
Zim fund manager Emmanuel Nzabanita told ZBC that the grant also seeks to increase investment inflows.
"We have allocated the facility to the power projects and we hope that beneficiaries will use it effectively," said Mr Nzabanita.
The ADB says it is committed to the rehabilitation of electrical power projects by searching for external investors with a possibility of sealing joint venture transactions with local firms.
Although Zimbabwe's arrears to the ADB stand at more than US$500 million, the continental financier says it will continue to help government with technical and financial expertise.
The grant is part of a US$125 million facility extended to Zimbabwe by the ADB through its Zim fund facility aimed at renovating infrastructure projects.
Zim fund manager Emmanuel Nzabanita told ZBC that the grant also seeks to increase investment inflows.
The ADB says it is committed to the rehabilitation of electrical power projects by searching for external investors with a possibility of sealing joint venture transactions with local firms.
Although Zimbabwe's arrears to the ADB stand at more than US$500 million, the continental financier says it will continue to help government with technical and financial expertise.
Source - zbc
