Zimbabwe has become the 19th member state of the Africa Finance Corporation (AFC).
Referencing infrastructure development as being amongst the top of his agenda, President Emmerson Mnangagwa declared Zimbabwe â€œopen for business.â€
As such, a statement disclosed that theAFC has already begun the process of exploring, alongside the Infrastructure Development Bank of Zimbabwe (IDBZ), opportunities for investment.
Commenting on the development, the President and CEO, AFC, Mr. Andrew Alli said: â€œWe are pleased to welcome Zimbabwe as a member state of AFC. We view the ongoing political and economic renaissance positively and hope that we can contribute effectively to the revitalisation of infrastructure within the country.â€
Also, Zimbabweâ€™s Minister of Finance and Economic Development, Patrick Chinamasa noted that AFCâ€™s business model had proven that the African continent can effectively mobilise infrastructure financing by itself.
â€œWe enjoin other African States to join the Corporation, promulgating home-grown solutions to our infrastructure challengesâ€.
The Minister of Foreign Affairs of Zimbabwe, Dr. Sibusiso Moyo also said: â€œIt 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 generalâ€.
The IDBZ has a national mandate to champion infrastructure development in Zimbabwe in the key sectors of energy, transport, housing, ICT, water and sanitation.
Zimbabweâ€™s membership in the AFC is expected to significantly enhance the Bankâ€™s resource mobilisation efforts towards funding the countryâ€™s huge infrastructure needs.