The AfDB-managed Multi-Donor Trust Fund for Zimbabwe is endowed with US$145.8 million.
In February this year, the African Development Bank (AfDB) Group agreed to the Zimbabwean government’s request to champion the clearance of its arrears and debt resolution with international financial institutions and bilateral creditors.
Zimbabwe is the only regional member country of the AfDB currently under sanctions from both the Bank and other multilateral financial institutions due to over US$2.6 billion in debt arrears.
The regional banking institution managed the $145.8 million Multi-Donor Trust Fund for Zimbabwe from 2010 to June 2022.
The ZimFund has been an important source of financial support for the country’s energy, water and sanitation infrastructure.
It has seven donors: UK, Australia, Germany, Sweden, Denmark, Norway and Switzerland.
On a 48-hour visit to Zimbabwe starting Monday, AfDB President, Akinwumi Adesina, is expected to meet with the President, Emmerson Dambudzo Mnangagwa, and other government officials, including the Minister of Finance and Economic Development, Mthuli Ncube, who is also Zimbabwe’s representative on the Bank Group’s Board of Governors.
On the agenda of the discussions are potential areas where the Bank will provide technical assistance to the Zimbabwean government.
Elected in 2018, President Mnangagwa has initiated several economic reforms to boost economic recovery and stability.
Other meetings with several ambassadors from African and G7 countries, as well as representatives of international financial institutions accredited to Zimbabwe, will punctuate Akinwumi Adesina’s visit to the country.
TE/lb/as/APA