Africa Finance Corporation (AFC) has partnered with a local development institution in exploring investment opportunities after the Minister of Finance and Economic Development Patrick Chinamasa signed an Instrument of Adherence which saw Zimbabwe becoming the 19th member of an African financial corporate.
The finance corporation states it has already begun the process of exploring investment opportunities alongside the Infrastructure Development Bank of Zimbabwe (IDBZ).
“The IDBZ has a national mandate to champion infrastructure development in Zimbabwe in the key sectors of energy, transport, housing, ICT, water and sanitation,” says AFC.
“Recently, the Bank (IDBZ) was designated by Government of Zimbabwe to be the focal and national implementing entity for Green Climate Finance and is currently undergoing accreditation to GCF; a development which makes the IDBZ an ideal partner for the AFC’s entry into the Zimbabwean market.”
Chinamasa signed AFC’s Instrument of Adherence to the Member of AFC, a corporation with a core mission is to address Africa’s infrastructure development on 9 May 2018 as Zimbabwe tries to engage the world under the “open for business” mantra.
“AFC’s business model has proven that the African continent can effectively mobilise infrastructure financing by itself,” said Chinamasa.
“We enjoin other African States to join the Corporation, promulgating home-grown solutions to our infrastructure challenges.”
Minister of Foreign Affairs in Zimbabwe, Honourable Lt. Gen. (Rtd) Dr. Sibusiso Moyo also commented and said, “It is refreshing to see an African focused financing institution like AFC. We look forward to AFC leading the infrastructure and industrial renaissance of Zimbabwe in particular, and Africa in general.”
IDBZ was formed in 2005 taking over from the Zimbabwe Development Bank “ZDB) for the promotion of economic development and growth and improvement of the living standards of Zimbabweans
Thomas Zondo Sakala, Chief Executive Officer of IDBZ said, “We look forward to working closely with the AFC, particularly in the areas of project development, capacity building, and infrastructure delivery”.