Zimbabwe: Senior African Development Bank Officials Highlight Private Sector Development, Renewable Energy Opportunities – African Business

Senior African Development Bankwww.AfDB.orgRecently, ) officials undertook a three day business mission to Zimbabwe. The bank’s vice president for power, energy, climate and green growth, Dr Kevin Kariuki, and its vice president for private sector, infrastructure and industrialization, Mr. Solomon Quaynor, both met with senior Zimbabwean government officials and business leaders in Harare last week.

Discussions included the development of the private sector as well as ways that Zimbabwe could tap its renewable energies.

Quaynor and Kariuki met with Mthuli Ncube (Finance and Economic Development Minister), and Soda Zhemu (Energy and Power Development Minister). Jesimen chipika, Deputy Governor of Zimbabwe Reserve Bank, and Deputy Minister of Lands, Agriculture, Fisheries, Climate and Rural Development Vangelis were also present. Haritatos,Representatives of the Southern Africa Power Pool and Zambezi River Authority, both transnational entities.

At a Harare press conference following the meetings, Zhemu commended the African Development Bank for its continued investment in Zimbabwe’s power sector. He said: “The government of Zimbabwe appreciates the African Development Bank’s support and involvement, particularly in the Kariba Dam Rehabilitation project ($32 million), the ZimFund Emergency Power Infrastructure Rehabilitation project ($59.5 million), the Alaska-Karoi Transmission Reinforcement project ($19 million) and the Energy Sector Reform Support project ($3.5 million).”

Ncube underscored the Zimbabwe government’s progress in tackling the economy’s structural and fiscal bottlenecks. Ncube also highlighted the importance and contribution of the private sector.

Kariuki said: “We are happy to assist Zimbabwe in implementing key energy reforms to create a vibrant energy sector.” He cited the bank’s role in developing the Batoka Gorge Hydro Power project, which is expected to boost the supply of electricity within the wider Southern Africa Development Community region.

Quaynor urged coordination between the country’s Reserve Bank and the business community to bolster the foreign exchange environment. This would open up new opportunities for private sector investments, he said.

 “The African Development Bank would like to deepen our work in the private sector overall, and specifically with respect to investments in economic corridor transport and logistics infrastructure,” Quaynor said. Quaynor listed the potential benefits from improving rail and highway infrastructure to Zimbabwe, which is an important transit point for goods headed for South Africa or Mozambique ports.

The African Development Bank’s Country Manager for Zimbabwe, Moono Mupotola, and other bank officials accompanied Kariuki and Quaynor.

 In July, African Development Bank President Akinwumi Adesina visited the country for discussions with the government about clearing the country’s arrears.

Distributed by APO Group for African Development Bank Group (AfDB).

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Sikhanyisiwe Mlotshwa,
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About the African Development Bank Group
The African Development Bank Group is Africa’s premier development finance institution. It consists of three distinct entities: The African Development Bank (AfDB), Africa Development Fund (ADF), and the Nigeria Trust Fund. The Bank has an office in Japan and is present in 41 African nations. This office contributes to economic development as well as the social progress of 54 member countries. For more information, please visit: www.AfDB.org