The Minister of Finance, Tendai Biti, signed a $30 million grant with the African Development Bank, the custodian of the Zimbabwe Multi-Donor Trust Fund set up in 2010 by Australia, Denmark, Germany, Norway, Sweden, the United Kingdom and the ADB to support the people of Zimbabwe.
The agreement will see the financing of a massive water supply and sanitation rehabilitation project that is set to improve aged infrastructure in six towns and cities.
The project is expected to improve the state of the water and sanitation infrastructure in the capital Harare, Masvingo, Mutare, Chegutu, Kwekwe and Chitungwiza, benefiting over four million people living in these cities.
Speaking at the signing ceremony in Portugal last Friday, Biti said the project was an “essential and significant additional step” towards the restoration of basic services in Zimbabwe.
“The project will have real impact on men and women around the country,” he said.
He also noted the need for his government to work towards clearing the country’s bloated external debt arrears, which currently stand at $8.8 billion, a move he said would be a significant step towards accelerating the process of recovery.
The ADB’s Vice President for Operations, Aloysius Ordu, praised the Zimbabwean government for its ongoing economic reforms, which he said had borne positive results, with inflation restrained to low digits in 2010.
“We wish to thank all the partners contributing to this initiative and we look forward to partnering and implementing more projects to help ensure the continued and sustained recovery of the infrastructure sector, and further contributing to the social and economic development of Zimbabwe,” he said.
The Zim-Fund was established in May 2010 and formally launched in Zimbabwe by the ADB president Donald Kaberuka in March 2011. – Vusimuzi Bhebhe
Post published in: News