Story by Stanley James, Business Editor
ZIMBABWE is poised to become a regional investment hub with the construction of the African Export-Import Bank (Afreximbank) African Trade Centre project in Harare nearing completion.
More than just a trade real estate facility, the project is expected to transform Zimbabwe’s economic landscape and further bolster local and external investors’ confidence.
A follow-up visit to the site by the ZBC News this Thursday revealed the project is on course to meet its expected deadlines, paving the way for commissioning in the next few months.
With a budget of around US$100 million, the project features a modern exhibition and conference centre, hotel, business offices, and an industrial technology hub.
Expectations are high that the facility will also attract multinational companies, banks, and trade organisations, while creating a platform for regional banks to invest in Zimbabwe.
“For the past years, Zimbabwe has been facing a huge deficit in terms of new projects in the construction sector, but the coming in of this magnificent project has already changed the landscape of the construction industry in Zimbabwe, riding on a favourable climate. Indeed, we are expecting the facility to be a game-changer as it will likely attract the interest of global entities. The fact that there are several utilities within that conference facility further bears testimony to the need to invest in long-term projects,” the president of the Institute of Architects of Zimbabwe, Mr Ishumael Gura said.
“The project also reflects that challenges can be turned into opportunities because if Afreximbank is seeing opportunities by investing in Zimbabwe, they are already seeing that the country has what it takes in terms of taking the economic landscape forward, riding on the available business opportunities. The exciting aspect is that from the time the construction works started about three years ago, there were no challenges like project failures or even a shortage of funding, something we need to commend the Afreximbank shareholders.”
Zimbabwe is also expected to benefit from the modern facility, which speaks to the government’s aspirations of infrastructure development in line with global standards.
“The availability of cranes means a lot for the economy, in fact, it is an indicator of growth trajectory. This project has several multiplier benefits that will be realised in the future. Already, it has created jobs in the construction sector value chains, with the government also benefiting while changing the economic landscape. Harare faces a huge hotel accommodation deficit and the hotel within the complex will further reduce that challenge, for many years the Harare construction landscape had been stagnant and what we are seeing is another huge milestone for the Second Republic in attracting investors within the construction value chains so indeed it is a welcome development in the sense of its positive implications or effects to the economy and the general welfare of Zimbabweans,” Architectural Technologist, Ms Ntombiyehlile Dube noted.
Afreximbank has been Zimbabwe’s all-weather friend, as evidenced by its increased funding to fiscal and monetary authorities at over five billion United States dollars during the past two decades.
The facility also represents confidence by multilateral banks to invest in Zimbabwe in anticipation of long-term benefits as the government moves forward with reforms aimed at reducing the cost of doing business.
