Business / Economy
AfDB reopens Zimbabwe office
09 Mar 2011 at 05:15hrs | Views
ZIMBABWE needs about $14,2bn over the next decade to rebuild existing infrastructure and add new capacity to meet growing demand, African Development Bank (AfDB) president Donald Kaberuka said yesterday in Harare.
Zimbabwe will have to clear political and economic uncertainty, provide clarity on property rights and reduce its external debt to attract investment, Mr Kaberuka said at a finance conference in the capital.
There was agreement that the nation's debt is unsustainable.
The AfDB has reopened its Zimbabwe office after a 10-year absence, citing an improved political climate, and announced on Monday a 51,55m injection into a fund to aid the economy.
The regional lender left Zimbabwe in 2000 due to a breakdown in its relationship with the government and Zimbabwe's failure to service its external debt.
Finance Minister Tendai Biti said Australia, Denmark, Germany, Norway, Sweden and the UK had pledged 68,89m to the fund and had paid in 51,55m.
Zimbabwe will have to clear political and economic uncertainty, provide clarity on property rights and reduce its external debt to attract investment, Mr Kaberuka said at a finance conference in the capital.
There was agreement that the nation's debt is unsustainable.
The AfDB has reopened its Zimbabwe office after a 10-year absence, citing an improved political climate, and announced on Monday a 51,55m injection into a fund to aid the economy.
The regional lender left Zimbabwe in 2000 due to a breakdown in its relationship with the government and Zimbabwe's failure to service its external debt.
Finance Minister Tendai Biti said Australia, Denmark, Germany, Norway, Sweden and the UK had pledged 68,89m to the fund and had paid in 51,55m.
Source - Byo24News
