Nyashadzashe Ndoro
CHIEF REPORTER
The Zimbabwean Parliament has approved the ratification of the African Finance Corporation Charter to address the country’s infrastructure deficit.
Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, championed the ratification in Parliament on Wednesday, highlighting the AFC’s potential to address the country’s infrastructure deficit and unlock investment opportunities.
“This is a crucial moment for Zimbabwe,” said Prof. Ncube.
“By ratifying the AFC Charter, we are opening doors to much-needed funding for critical infrastructure projects in power, roads, and other sectors. The AFC’s track record across Africa is impressive, with over US$10 billion invested in projects that directly benefit member countries.”
Prof. Ncube acknowledged the delay in Zimbabwe’s participation in the AFC, which was established in 2007.
“We recognise that other African nations have been reaping the benefits of AFC membership for years,” he added.
“This ratification signifies our commitment to Pan-Africanism and our eagerness to integrate into the continent’s economic development agenda.”
Members of Parliament, who spoke in favour of the ratification mentioned the AFC’s focus on infrastructure development, a key priority for Zimbabwe’s National Development Strategy 1 (NDS1). They also highlighted the benefits of membership, including access to funding without stringent pre-conditions and the potential for public-private partnerships.
One concern raised was the issue of membership fees. The Minister clarified that ratification entails no membership fees, making AFC membership a cost-free gateway to a wealth of opportunities.
“This is a free membership that unlocks a vast array of possibilities,” Prof Ncube stated.
Zimbabwe expects the ratification to pave the way for increased collaboration between Zimbabwe and the AFC. Prof Ncube said local businesses and individuals will also gain access to AFC’s funding mechanisms, potentially stimulating economic activity across various sectors.
Prof. Ncube further urged Parliament to consider ratifying other beneficial agreements.
“Our commitment to exploring every avenue for development capital is unwavering,” he said.
“By harnessing resources like the AFC, we can empower our private sector and propel Zimbabwe towards a brighter economic future.”
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