HARARE Zimbabwe's business community is eagerly awaiting a planned visit this month by a highpowered delegation from the African Development Bank, AfDB, which has promised to assist local industry with offshore credit lines. ?Zimbabwe remains in desperate need of funding to rebuild an economy after a decade of acute recession and political strife.
However rich Western countries and international funders such as the AfDB, International Monetary Fund and the World Bank have remained reluctant to assist the country citing the slow pace of economic and political reforms.
But the AfDB has reportedly drafted rescue strategies for local companies in the form of long-term loans and delegation from the led by its chief executive Donald Kaberuka is expected during its visit to hold talks with top government leaders on how to revive manufacturing sector.
Confederation of Zimbabwe Industries chief economist, Lorraine Chikanya said the AfDB’s visit was important in creating a favorable platform for the growth of companies.
We are informed that they are coming and we hope that whatever they will discuss shall set the tone for industrial growth, Chikanya said.
Unconfirmed reports said the bank could also consider a loan facility to assist Zimbabwean industries that need cash to buy new machinery and raw materials.
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