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Tuesday, June 18, 2024

Afreximbank warms up to Zim’s agricultural exports development agenda

Story by Stanley James, Business Editor

ZIMBABWE is among regional economies that will benefit from a US$2 billion African Export – Import Bank (Afreximbank) facility towards increasing agricultural exports and food security.

A team from Afreximbank is in the country finalising modalities of the facility to benefit African countries.

The delegation has also held meetings with government officials and private sector representatives in identifying sectors that will benefit from the facility.

The move comes after Zimbabwe, among some African economies, signed an agreement to access the facility on the sidelines of the Intra African Trade Fair held in Egypt last year.

Afteximbank Export Development official, Mrs Oluranti Doherty confirmed its commitment to ensuring that Zimbabwe benefits from the facility.

“The facility is now being implemented and we are just finalising few issues before it can be rolled out for the benefit of Zimbabweans. It is our view that going ahead this agreement will further scale up the scope of business in Zimbabwe and the ability of the Government to support farming projects.”

The Cairo-headquartered bank has also given a thumbs up to Zimbabwe’s economy in light of the El Nino-iinduced drought and global shocks.

“The level of commitment is there and we are seeing the Government forging ahead with key development projects. This is a clear testimony that the economy is in good shape, notwithstanding the challenges facing the region and the world economies,” said Afreximbank Regional Chief Operating Officer, Southern Africa, Mr Humphrey Nwugo.

The Afreximbank, working with strategic partners, is operationalising the facility to increase production, beneficiation and intra Africa trade on farm produce.

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