Minister Applauds AfDB For Investment In Zimbabwe’s Power Sector

(AFRICAN EXAMINER) – The Zimbabwean Minister of Finance and Economic Development, Mthuli Ncube has commended the African Development Bank (AfDB) its continued investment in Zimbabwe’s power sector.

The minister gave the commendation at a press conference in Harare, shortly after receiving a delegation from AfDB who undertook a three-day business mission to Zimbabwe last week.

The delegation which was led by the bank’s vice president for power, energy, climate and green growth, Dr Kevin Kariuki, met with senior Zimbabwean government officials and business leaders during the visit.

The Bank’s Country Manager for Zimbabwe, Moono Mupotola, and other bank officials accompanied the delegation.

They met with the Deputy Governor of the Reserve Bank of Zimbabwe Jesimen Chipika, Deputy Minister of Lands, Agriculture, Fisheries, Water, Climate and Rural Development Vangelis Haritatos, and representatives of Zambezi River Authority and the Southern Africa Power Pool, both transnational entities.
Their discussions covered developing the private sector and ways Zimbabwe could best tap its renewable energy resources.

Zhemu specifically highlighted AfDB’s interventions in the area of Dam rehabilitation and other related infrastructural facilities in the power sector of the Zimbabwean economy.

“The government of Zimbabwe appreciates the African Development Bank’s support and involvement, particularly in the Kariba Dam Rehabilitation project ($32 million), the ZimFund Emergency Power Infrastructure Rehabilitation project ($59.5 million), the Alaska-Karoi Transmission Reinforcement project ($19 million) and the Energy Sector Reform Support project ($3.5 million)”, he said.

He also underscored the Zimbabwe government’s progress in tackling the economy’s structural and fiscal bottlenecks. The minister equally harped on the importance of the private sector.

In his remarks, Kariuki cited the bank’s role in developing the Batoka Gorge Hydro Power project, which is expected to boost the supply of electricity within the wider Southern Africa Development Community region.

“We are happy to assist Zimbabwe in implementing key energy reforms to create a vibrant energy sector”, he added.

Similarly, AfDB’s vice president for private sector, infrastructure and industrialization, Mr. Solomon Quaynor who also accompanied the leader of the delegation, urged coordination between the country’s Reserve Bank and the business community to bolster the foreign exchange environment. He said this would unlock further opportunities for private sector investment.

“The African Development Bank would like to deepen our work in the private sector overall, and specifically with respect to investments in economic corridor transport and logistics infrastructure”, further stated.

He enumerated the potential benefits of improved rail and road infrastructure to Zimbabwe, which serves as an important transit point for goods destined for ports in Mozambique and South Africa.

In July, AfDB’s President, Dr. Akinwumi Adesina visited the country for discussions with the government about clearing the country’s arrears.