A TOTAL of $50 million has been raised under a fund to strengthen Zimbabwe’s reconstruction and development,but it still falls far short of targets, a senior World Bank official has said.
BY VICTORIA MTOMBA
Last year, the World Bank and a number of donors set up the Zimbabwe Reconstruction Fund (Zimref) to raise $100 million to contribute to the strengthening of Zimbabwe’s reconstruction and development with a focus on stabilisation and reform and poverty alleviation efforts.
The programme runs from 2014 to 2019.
World Bank country director for seven African countries including Zimbabwe, Guang Zhe Chen said $50 million has so far been raised which is not much for Zimbabwe.
“We are waiting for more money, this kind of money is not enough for Zimbabwe and we may get more in the months ahead,” he said.
Donors contributing to the Zimbabwe Reconstruction Fund include the European Union, the United Kingdom, Germany, Norway, Denmark and Sweden and the World Bank State and the Peace Building Fund.
The European Union ambassador Phillipe Van Damme said the EU is planning to contribute approximately ₣10 million.
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The projects for the fund are proposed by government and approved by policy oversight committee with the participation of government, World Bank and the development partners.
Zimbabwe will get support to analytical work on key development challenges, get support to increase productivity and improve the business environment and strengthening of public sector management systems including through institutional reforms and capacity building with a special emphasis on demand side approaches.
He said $100 million is estimated as the project costs for a five year period. The fund also seeks to fund some of the projects that are in the Zimbabwe Agenda for Sustainable Socio Economic Transformation (ZimAsset). ZimAsset is the country’s five year economic blueprint, running from 2013 to 2018.
Zimref is a successor to the Analytical- Multi Donor Trust Fund (A-MDTF). The A-MDTF has been the World Bank’s main vehicle for financing support to Zimbabwe over the last five years.
Supported by 12 donors, the AMDTF had funding of over $19 million for 2008 to 2012, and was extended through to 2013. It has also improved donor coordination.
