FINANCE deputy minister Clemence Chiduwa says US$40 billion is needed to fix Zimbabwe’s infrastructure.
Addressing journalists in Harare after meeting Africa50 chief operating officer Tshepidi Moremong in Harare, Chiduwa said the US$40 billion will maintain and develop new infrastructure.
Africa 50 is a Pan African infrastructure Investment platform, which the government engaged to assist with funding the country’s development projects.
“Our funding requirements for infrastructure covering all the sectors of the economy and all the 14 priority areas is amounting to US$40 billion, but having looked at our financing options and the fiscal space that we have, we are constrained in that area. Having consulted Africa50 and Zimbabwe as one of the shareholders to Africa50, we then discussed innovative financing options and one of them is on asset recycling,” Chiduwa said.
He said Africa 50 is willing to help in funding the country’s aspirations in infrastructural development.
“So, Africa50 is here for us to discuss those options. The projects that we are looking at are those that are in the ICT sector; especially the ones on fibre optics and the development of fibre is in line again with the National Development Strategy (NDS 1) where digital economy is a priority area. We are also looking at energy development and also infrastructure development, especially on airports.
“On the part of Africa50, we are also looking at them; hand-holding us; especially with regards to the identification of projects and also how best we can identify projects that we think are bankable, viable and low hanging fruits.”
Due to economic challenges and tight fiscal space, Zimbabwe has been struggling to develop its infrastructure, including expansion of the Robert Mugabe international airport, Mbudzi interchange, and Harare- Beitbridge highway among others.
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Last week, Harare mayor Jacob Mafume revealed that the capital city’s infrastructure is 20 years behind its rehabilitation schedule.
Mafume said Harare has no financial capacity to implement infrastructure development projects.
“The once sunshine city has seen continued mushrooming of dump sites in undesignated spaces, potholed roads, inadequate clean running water and dilapidated infrastructure,” he said.