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Arab Bank backs Mnangagwa

by Staff reporter
15 Nov 2019 at 06:12hrs | Views
The Arab Bank for Economic Development in Africa intends to increase assistance to Zimbabwe after being impressed by the country's economic reforms. Yesterday, the bank commended President Mnangagwa for his vision to turn the country into a middle income society by 2030.

The bank that is headquartered in Khartoum, Sudan, has in the past provided support to the country especially in the areas of roads and dam construction, trade financing and lines of credit for financial institutions.

Yesterday, a three-member delegation from the bank led by its general manager, Dr Sidi Ould Tah paid a courtesy call on President Mnangagwa at his Munhumutapa Offices where they indicated their willingness to continue supporting Zimbabwe.

"This is a visit from the Arab Bank for Economic Development in Africa and the purpose of the visit is to reinforce the relationship between the Bank and Zimbabwe and to listen to the orientation of the President and to understand the priorities of his Government in terms of development finance," Dr Tah said.

"As you may know, the Bank is a multilateral development institution and it has been supporting Zimbabwe for many years and now we would like to scale up our operations and reinforce our cooperation.
 
"So it was an occasion for me to listen to the priorities of the Government of Zimbabwe and also an opportunity for me to congratulate the President for the Vision 2030 that will bring Zimbabwe to the level of middle income country."

Dr Tah said the bank would support various sectors across the economy.

"So the bank stands ready to support all project development in Zimbabwe and that will include agricultural development, entrepreneurial development and youth and women entrepreneurship, support of the mining sector and the support for infrastructure development.

"The bank stands ready to support development projects on concession basis and also to support State-Owned Enterprises and commercial banks and to support trade," he said.

Dr Tah added that the magnitude of the support the bank was willing to extend to Zimbabwe would be determined during the meetings they will conduct with various ministries and the RBZ.

"That will be for discussion with the relevant ministries especially that of Finance and Economic Development, the RBZ Governor and other line ministries," he said.

President Mnangagwa has prioritised engagement with countries and institutions across the world as Government pushes forward with the reform agenda aimed at improving the country's economic fortunes in line with Vision 2030.

The bank was established in 1975 to provide assistance to African countries in the areas of infrastructure development, trade financing and also promote Arab investments on the continent among other objectives.

Source - the herald

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