Zimbabwe has tabled a $270 million investment proposal to fund three key projects at the ongoing Africa Investment Forum, with African Development Bank President Akinwumi Adesina saying it is committed to supporting the country’s resurgence.
Funding will be earmarked for Steel Plants, Dairy and IT.
This comes as Zimbabwe’s risk rating has come under spotlight at the conference.
Adesina announced that $37 million will also be invested in climate, leather and power in 2023 as part of the bank’s efforts to help struggling Zimbabwe.
“I do not think Zimbabwe is not as risky as you think,” Adesina said.
“We are going to relook the risk into Zimbabwe so that we can allow more investments.”
Adesina said progress has been made in the debt restructuring exercise, with the bank availing $4 million to the secretariat to speed up the process.
“We are talking to all partners, bilateral and multilateral partners, to be able to have a pathway to that.”
“We know there are challenges, but Zimbabwe cannot run up the hill with a pack of sand on the back.”
He said the debt overhang was affecting Zimbabwe’s growth.
President Emmerson Mnangagwa said the country is working on fixing the country’s perception, including its commitment to repaying debt as well as compensating farmers who lost land during the 2000 land reform programme.