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AFREXIMbank pledges more support for Zimbabwe’s industrialisation

Story by Josephine Mugiyo, Diplomatic Correspondent

THE AFREXIMbank says it is working on modalities to support Zimbabwe’s industrialisation drive and grow the country’s agricultural sector.

This came out when the financial institution’s president, Professor Benedict Oramah paid a courtesy call on President Emmerson Mnangagwa in Cairo, Egypt this Monday.

President Emmerson Mnangagwa joined his Malawi and Egyptian counterparts at the Intra-African trade showcase which is being held in Cairo, Egypt.

The trade showcase brings together businesses from across Africa with the focus on promoting intra-Africa trade.

The showcase was organised by the AFREXIMbank in collaboration with the African Union and African Continental Free Trade Area.

The president of the AFREXIMbank, Professor Benedict Oramah paid a courtesy call on President Mnangagwa after the event.

After a closed door meeting, Professor Oramah said he gave Heads of State an update on the initiatives that are being put in place to support Zimbabwe’s industrialisation.

“We also took the opportunity to brief on the progress from the initiatives. We got industrialisation helping to support the meat industry in Zimbabwe. We are helping to support industrialisation including the battery minerals and we want to see how we can begin to beneficiate more. We also of course discussed the export agriculture initiative for food security in Africa,” he said.

Professor Oramah said the three heads of state in an earlier meeting also agreed that it is time Africa takes food sufficiency into its own hands.

“We discussed the need to use collaborative approach to improve food production and inter regional trade in wheat, soya bean, maize, rice and meat so that we are no longer over dependent in others for these products. These Heads of State decided that it was time for to use abundant water resources, abundant arable land and put them to good use and stop dependence on other markets for the supply of these critical needs of our people. We expect that this will enable us not to feed ourselves but to also create wealth in Africa,” he added.

Zimbabwe is exhibiting at the ongoing trade showcase having incorporated women and youths.

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