Online Reporter
Herald Reporter
The African Export-Import Bank (Afreximbank) and Mutapa Investment Fund (MIF), Zimbabwe’s sovereign wealth fund, aim to mobilise up to US$50 million in the form of project preparation funds for investments in the southern African country.
This comes as Afreximbank and Mutapa have signed a transformative Joint Project Preparation Facility (JPPF) Framework Agreement to mobilise preparatory funding to support financing of projects in key sectors of the country’s economy.
The new framework agreement builds on a long-standing partnership and solid cooperation track record between Afreximbank and Zimbabwe geared towards boosting trade and investment in the country.
It was signed by Mrs Kanayo Awani, executive vice president of Intra-African Trade and Export Development, Afreximbank, and Dr John Mangudya, Mutapa CEO and witnessed by president and chairman of the board of directors, Afreximbank Group Professor Benedict Oramah, and Mr Zitto Alfayo, director, project preparation.
Through this partnership, Afreximbank will support Mutapa’s portfolio of investee companies to access project preparatory funding to create a robust pipeline of bankable projects that Afreximbank, Mutapa and other financial institutions can readily finance.
The collaboration marks a bold step towards unlocking investments into the energy, transport and logistics, agro-processing, solid minerals development and beneficiation services, as well as industrial and allied sectors.
The sectors are key enablers for economic growth, aligning with the Government’s Vision 2030 aspirations of an empowered upper middle-income society.
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