Business / Companies
AfDB injects $145M in water, power projects since 2010
16 Dec 2015 at 07:32hrs | Views
The African Development Bank under the Zimbabwe Multi-Donor Trust Fund (ZimFund) has so far injected $145 million towards water and power projects in the country since 2010.
ZimFund was created as an emergency response by donors to the humanitarian challenges Zimbabwe faced and the fund was proposed to AFDB as a way of assisting the country in restoring basic water and sanitation and power infrastructure.
AfDB Resident Representative Mr Mateus Magala in a statement said a wide consultative process among stakeholders was undertaken and two intertwined projects in water, sanitation and energy were developed and approved.
"The AfDB was entrusted with the funds and to manage the operation on their behalf. These two projects, categorised into Phase 1 and Phase II have been, to date, capitalised by the contributing donors to the tune of about $145 million.
"We are humbled to be associated with ZimFund as we see the fruits of intervention. Since inception the fund has evolved from being viewed as a purely humanitarian operation to being a potential developmental platform and a vehicle for investment in basic infrastructure," said Mr Magala.
He said the bank in December last year approved about $110 million for the next two years to be applied towards basic infrastructure rehabilitation while boosting capacity for delivery of critical services.
Mr Magala said the bank is in the process of preparing various projects that will see the support highlighted within the ZimFund strategy being realised. "It is our sincere hope that development partners will put up additional resources that will assist Zimbabwe in addressing some of the key infrastructure bottlenecks," said Mr Magala.
He said AFDB will continue to be at the centre of Africa's transformation, providing advice, finance and diffusing winning practices that will help Africa leapfrog and attain progress.
ZimFund was created as an emergency response by donors to the humanitarian challenges Zimbabwe faced and the fund was proposed to AFDB as a way of assisting the country in restoring basic water and sanitation and power infrastructure.
AfDB Resident Representative Mr Mateus Magala in a statement said a wide consultative process among stakeholders was undertaken and two intertwined projects in water, sanitation and energy were developed and approved.
"The AfDB was entrusted with the funds and to manage the operation on their behalf. These two projects, categorised into Phase 1 and Phase II have been, to date, capitalised by the contributing donors to the tune of about $145 million.
"We are humbled to be associated with ZimFund as we see the fruits of intervention. Since inception the fund has evolved from being viewed as a purely humanitarian operation to being a potential developmental platform and a vehicle for investment in basic infrastructure," said Mr Magala.
He said the bank in December last year approved about $110 million for the next two years to be applied towards basic infrastructure rehabilitation while boosting capacity for delivery of critical services.
Mr Magala said the bank is in the process of preparing various projects that will see the support highlighted within the ZimFund strategy being realised. "It is our sincere hope that development partners will put up additional resources that will assist Zimbabwe in addressing some of the key infrastructure bottlenecks," said Mr Magala.
He said AFDB will continue to be at the centre of Africa's transformation, providing advice, finance and diffusing winning practices that will help Africa leapfrog and attain progress.
Source - Herald
