mbulelo smpofu
Nqobile Bhebhe, nqobile.bhebhe@chronicle.co.zw
THE African Export-Import Bank (Afreximbank) and Mutapa Investment Fund (MIF) have signed a Joint Project Preparation Framework to unlock investments in energy, logistics, agro-processing, minerals and industry — all powering Zimbabwe’s Vision 2030.
In an update on its social media X (formerly Twitter), the bank said: “This partnership creates a pipeline of bankable projects, paving the way for transformative growth.”
The joint preparation framework was signed by Afreximbank executive vice president, Mrs Kanayo Awani and MIF chief executive officer, Dr John Mangudya, with Afreximbank president, Professor Benedict Oramah, as a witness.
Afreximbank was established in 1993 by African governments, private and institutional investors and non-African financial institutions and private investors.
Its purpose is the financing, promoting, and expanding of intra-African and extra-African trade.
Recently, Prof Oramah told our sister publication The Herald in Azerbaijan that in recent years, the bank had injected over US$2 billion into the Zimbabwean economy, with US$1 billion in fresh capital
He said the bank plans to provide Zimbabwe with a significant financial boost, totalling US$1 billion, with the funds set to be allocated to both the public and private sectors to stimulate economic growth and development.
Prof Oramah said in the textile industry, Afreximbank is working on developing an industrial park.
He said other projects that the bank is ready to fund include initiatives related to the implementation of the African Continental Free Trade Area Agreement (AfCFTA).
AfCFTA, to which Zimbabwe is a signatory, aims to eliminate tariffs on 90 percent of goods traded between member States over 10 years.
The objective is to foster regional economic integration and boost intra-African trade by 53 percent by next year with the potential to create up to 30 million jobs and lift 30 million people out of poverty.
Afreximbank is currently constructing its Africa Trade Centre in the Avenues area in Harare.
MIF is a State-owned investment company composed of assets from various State-owned entities, consolidated into a single fund to generate wealth for citizens.
Some of the entities now under the purview of MIF include NetOne, the National Railways of Zimbabwe, Air Zimbabwe, TelOne, Cottco, the National Oil Company of Zimbabwe, Cold Storage Company, Fidelity Gold Refinery, Homelink, Zimbabwe Power Company, the Industrial Development Corporation of Zimbabwe and Hwange Colliery Company Limited, now HCCL Holdings.
