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AfDB lines of credit for private sector

21 Feb, 2020 - 00:02 0 Views
AfDB lines of credit for private sector Professor Mthuli Ncube

The Herald

Joseph Madzimure Senior Reporter

The African Development Bank (AfDB) yesterday pledged support for Zimbabwe when a team of its executive directors paid a courtesy call on President Mnangagwa at his Munhumutapa Offices.

Finance and Economic Development Minister Professor Mthuli Ncube said the AfDB was happy with Zimbabwe’s economic reforms.

“The AfDB continues to support us in various social production projects. As you know, they supported us when we requested resources around Cyclone Idai. In fact, they visited Chimanimani and just returned this afternoon.

“We also requested support in clearing our arrears and when they give us support, we will eventually clear those arrears and eventually that will open up lines of credit.

“In terms of opening lines of credit for the private sector, they are open for business.

“And it is up to our private sector, working with us as Government to access private sector funding on a purely commercial basis. So that is open for us,” he said.

AfDB head of delegation Mr Mbuyamu Matungulu, said the bank was committed to assisting Zimbabwe realise its full potential.

“We discussed what we think is a very good relationship between AfDB and      Zimbabwe.

“We came here to listen to see what the authorities are doing and to get a better understanding of the economic problems which the country is facing,” he said.

Mr Matungulu praised President Mnangagwa’s efforts on the reforms.

“Essentially, the President is committed to ensuring that the necessary reforms are undertaken to get the country off the difficult situation which he raised today. We pledged our support as a bank,” he said.

He said the AfDB team is moving around the continent to understand economies.

“We have a lot of executive directors who are moving around Africa.

“Some of our colleagues are in Senegal, others in Cameroon next week and another group will be going to Ghana. The idea, is to give the executive directors an opportunity to get first-hand information about the workings of the economies of these countries,” he said.

He also commended President Mnangagwa and his Government for assisting those affected by Cyclone Idai last year.

“Yesterday we were there in Chimanimani to express our sympathy,” he said.

Zimbabwe is represented at the AfDB by Dr Judith Kateera, who also represents Mozambique, Namibia and Angola.

She is a former permanent secretary in the Ministry of Public Service, Labour and Social Welfare.

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