Zimbabwe has finally joined the Africa Finance Corporation (AFC), Africa’s leading infrastructure development finance institution after years of relative seclusion from the group.
The Southern African nation is now the AFC’s 19th Member State, with plans to put infrastructure development at the top of its economic growth agenda, according to Zimbabwe’s President Emmerson Mnangagwa.
Following the announcement, the Head of State declared this week that the country is open for business.
Working with the Infrastructure Development Bank of Zimbabwe (IDBZ), the AFC has already begun the process of exploring opportunities for investment.
The IDBZ has a national mandate to champion infrastructure development in Zimbabwe in the key sectors of energy, transport, housing, ICT, water and sanitation.
The Bank was recently designated by the Government of Zimbabwe to be the focal and national implementing entity for Green Climate Finance and is currently undergoing Green Climate Fund (GCF) accreditation, a development that makes the IDBZ an ideal partner for the AFC’s entry into the Zimbabwean market.
Zimbabwe’s membership in the AFC will significantly enhance the Bank’s resource mobilisation efforts towards funding the country’s huge infrastructure needs. Against this background, Zimbabwe’s Minister of Finance and Economic Development signed the Instrument of Adherence to the Member of Africa Finance Corporation on May 9th, 2018.
“We 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 revitalization of infrastructure within the country,” said Andrew Alli, President and CEO of the AFC, as he commented on the announcement.
“AFC’s business model has proven that the African continent can effectively mobilise infrastructure financing by itself. We enjoin other African States to join the Corporation, promulgating home-grown solutions to our infrastructure challenges,” said Patrick Chinamasa, Zimbabwe’s Minister of Finance and Economic Development, as he too commented on the announcement.
“We look forward to working closely with the AFC, particularly in the areas of project development, capacity building, and infrastructure delivery,” added Thomas Zondo Sakala, Chief Executive Officer of the IDBZ.
On his part, Zimbabwe’s Minister of Foreign Affairs of Zimbabwe, Lt. Gen. (Rtd) Dr. Sibusiso Moyo said the country is looking forward to AFC leading the infrastructure and industrial renaissance of Zimbabwe in particular, and Africa in general.