Story by Stanley James, Business Editor
ZIMBABWE has formally initiated the process of joining the Asian Infrastructure Investment Bank (AIIB) as it seeks to secure funding for ongoing and future infrastructure development projects.
A statement released by the Treasury indicates that a Zimbabwean delegation led by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, has engaged officials from the Asian Infrastructure Investment Bank following the country’s formal expression of interest to become a member.
The discussions, which also focused on Zimbabwe’s development priorities, have been described by economist Dr Moses Chundu as a significant step towards expanding capital-raising opportunities for the country’s construction sector.
“Infrastructure financing is vital to the completion of several projects in Zimbabwe. What we have is the impetus to develop the nation and sustain development, so if Zimbabwe becomes a member of such a platform, there are so many huge opportunities to be derived in the form of sustained positive growth that translates into positive effects on the wellbeing of Zimbabweans,” he said.
Financial analyst Mr Simbarashe Hamudi said membership of the AIIB would strengthen Zimbabwe’s efforts to implement infrastructure projects under the National Development Strategy 2 (NDS2).
“That is the right step which shows commitment by relevant authorities in mobilising the much-needed capital at a time when the nation is focusing on major public sector-driven projects for national development,” he said.
The Asian Infrastructure Investment Bank is a multilateral development bank headquartered in Beijing, China, that focuses on financing sustainable infrastructure projects across the world.
