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Kudakwashe Mugari in ABIDJAN, Cote d’Ivoire

PRESIDENT Mnangagwa arrived here last night to attend the Africa Investment Forum Market Days 2022 at the invitation of the African Development Bank.

The African Development Bank is one of the founding partners of the platform, which is the largest transactional investment marketplace on the continent.

Seventeen other African Heads of State and Government are expected to attend the summit.

Among the other Heads of State expected to attend are host President Alassane Ouattara, Paul Kagame of Rwanda, Patrice Talon of Benin, Botswana’s Dr Mokgweetsi Masisi, Cape Verde’s Jose Maria Pereira, and Denis Sassou Ngueso of Congo Brazzaville.

Also attending are DRC President Felix Tshisekedi, Ethiopia’s Sahle-Work Zewde, Nana Akufo-Addo of Ghana, Liberia’s George Weah, Felipe Nyusi of Mozambique, Muhammadu Buhari of Nigeria, Julias Maada Wonie Bio of Sierra  Leone, Cyril Ramaphosa of South Africa, Samia Suluhu Hassan of Tanzania, and Faure Gnassingbe of Togo.

The objectives of the forum, which will be the first face-to-face interaction since 2019 owing to the Covid-19 pandemic, are the creation of a foremost and crucial podium to attract domestic and foreign direct investment in African countries for the purpose of advancing projects to bankable stages, raising capital and speeding up financial closure of deals.

Running under the theme, “Building economic resilience through sustainable investments”, the forum aims to nurture fruitful engagements between the public and private sectors, leading to the realisation of bankable and de-risked projects within a conducive environment.

In an interview yesterday, Ministry of Foreign Affairs and International Trade acting Permanent Secretary, Mr Pearson Chigiji, said the AfDB had always been supportive of developmental projects under the Second Republic, which makes the invite all the more crucial.

“The President is attending the Africa Investment Forum 2022 from November 2 to 4 in Abidjan, Cote d’Ivoire at the invitation of the AfDB president, Dr Akinwumi Adesina,” said Mr Chigiji.

“So, it is an opportunity to showcase Zimbabwe as a favourable destination for investment. Also, Dr Adesina was here a month or so ago to see the President, and this would be a follow-up opportunity for them to catch-up on what is happening regarding our debt clearance strategy.”

Dr Adesina met President Mnangagwa in Harare in September, where he formally accepted to lead a debt clearance strategy for Zimbabwe.

The strategy is key for Zimbabwe to unlock fresh funding from international financial institutions.

Dr Adesina highlighted that Zimbabweans had continued to be burdened by economic challenges, mainly due to illegal sanctions imposed by the West.

He added that the AfDB had decided to assist Zimbabwe in the debt clearance, as a reliable partner.

Harare is a shareholder in the AfDB.

Three of Zimbabwe’s projects would be discussed at the forum for possible funding, opening up opportunities for the mobilisation of international partnerships and other resources.

On its website, the AfDB Group states that 45 projects valued at US$50 billion were presented and discussed at the African Investment Forum’s Virtual Boardrooms in March 2022, eight of which, worth close to US$5 billion, were women-led.

The Virtual Boardrooms resulted in at least US$32,8 billion investment interest.

The AfDB is supporting Zimbabwe through investments in infrastructure, energy, health and agriculture sectors.

Recently, it set up a fund to support African countries in cushioning themselves from the impact of the Russia-Ukraine conflict.

Zimbabwe is also in line to benefit from a US$26 million disbursement announced in September following the bank’s board meeting.