Zimbabwe Becomes AFC’s 19th Member State

Zimbabwe has become the 19th member state of the Africa Finance Corporation (AFC).

Referencing infrastructure development as being amongst the top of his agenda, President Emmerson Mnangagwa declared Zimbabwe “open for business.”

As such, a statement disclosed that theAFC has already begun the process of exploring, alongside the Infrastructure Development Bank of Zimbabwe (IDBZ), opportunities for investment.

Commenting on the development, the President and CEO, AFC, Mr. Andrew Alli said: “We are pleased to welcome Zimbabwe as a member state of AFC. We view the ongoing political and economic renaissance positively and hope that we can contribute effectively to the revitalisation of infrastructure within the country.”

Also, Zimbabwe’s Minister of Finance and Economic Development, Patrick Chinamasa noted that AFC’s business model had proven that the African continent can effectively mobilise infrastructure financing by itself.

“We enjoin other African States to join the Corporation, promulgating home-grown solutions to our infrastructure challenges”.

The Minister of Foreign Affairs of Zimbabwe, Dr. Sibusiso Moyo also said: “It is refreshing to see an African focused financing institution like AFC. We look forward to AFC leading the infrastructure and industrial renaissance of Zimbabwe in particular, and Africa in general”.

The IDBZ has a national mandate to champion infrastructure development in Zimbabwe in the key sectors of energy, transport, housing, ICT, water and sanitation.

Zimbabwe’s membership in the AFC is expected to significantly enhance the Bank’s resource mobilisation efforts towards funding the country’s huge infrastructure needs.