Dubai rating agency gives thumbs up to Zim economy...

Dubai rating agency gives thumbs up to Zim economy outlook

Audrey Galawu

Assistant Editor

Zimbabwe has growth opportunities for investors and entrepreneurs, a UAE-based credit rating agency has said.

ICRA Rating released a statement which said while Zimbabwe has negative issues like infrastructure deficits, the country has country's potential which is aided by ongoing efforts to strengthen economic fundamentals and foster a conducive business environment such as the currency stabilisation initiatives.

With over 25 years in operation, ICRA Rating is recognised by multiple regulators and is a pioneering multi-country rating agency in Asia and Africa whose ratings influence corporate and financial institutions to achieve better market standing, branding, and marketing.

ICRA Rating said it is collaborating with Zimbabwean institutions like the Zimbabwe National Chamber of Commerce and the Zimbabwe Association of Microfinance Institutions and in discussions with the Reserve Bank of Zimbabwe to enhance support for the local market.

Good ratings give a county improved investor confidence as well as allowing businesses to access international credit lines at better rates.

The world respected agency said there is need to develop a strong financial ecosystem to strengthen and support the growing trade relations between Zimbabwe and the UAE.

The UAE is now Zimbabwe's second-largest export market, after South Africa and above China with a figure of US$1.91 billion for 2023 Trade.