Africa50 to assist Zimbabwe’s infrastructural development

Staff Reporter

In a move which will advance the country`s National Development Strategy (NDS1) economic blueprint, Africa50 infrastructure investment platform has declared its keenness to support Zimbabwe`s infrastructural development.

Speaking at a press briefing in the capital yesterday, Africa50 Chief Operating Officer, Tshepidi Moremong affirmed Africa50’s commitment to support Zimbabwe’s infrastructural development as the country moves toward the attainment of an Upper Middle Income Society.

“Africa50 is an infrastructure investment platform which consists of 29 African countries of which Zimbabwe is a key shareholder. Africa50 is here to support one of its shareholders as it looks towards economic growth and also job creation in Zimbabwe.

“Infrastructure is fundamental to economic growth, most of our African  countries are currently constrained as you know there is a significant funding gap on the continent, so it is our mandate as Africa50 to identify and develop bankable projects in both the public and private sectors of these countries,” said Moremong.

Moremong further highlighted that African50 was keen to deliberate on projects that needed to be executed in Zimbabwe within a shorter period of time.  She indicated that Africa50 would work with its technical partners, digital partners together with Governments to ensure that they delivered.

Moremong further highlighted that Africa50 is interested in the development of the Information and Communications Technology (ICT) as it is one of the key sectors in economic development. She added that power and transport logistics are also foundational to any economy looking to industrialize.

Government has a number of infrastructural projects that are near completion. These include the Robert Gabriel Mugabe International (RGMI) Airport which is one of its key projects in infrastructural development. It also received the completed a state of the art Parliament building in Mt Hampden, which was funded by the Chinese Government. Other completed projects include and the new NatPharm Warehouse at the Sally Mugabe Central Hospital in Harare.

Africa50 is an infrastructure investment platform that contributes to Africa's growth by developing and investing in bankable projects, catalysing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 currently has 31 shareholders, comprising of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.

Zimbabwe signed a share subscription agreement in 2019 during platform’s shareholder meeting in Kigali.