Reserve Bank of Zimbabwe governor John Mangudya has revealed that the government is still paying off loans that were used to fund national projects which are no longer operational. These projects became defunct due to lack of maintenance and care.
Some of the these now defunct national projects include:
- The Feruka Oil Refinery
- Zimbabwe Iron and Steel Company (Zisco)
- National Railways of Zimbabwe (NRZ)
It becomes so difficult (to fund national projects). I always give the example of NRZ, that we borrowed funds from Germany to electrify a railway line from Harare to Dabuka (Gweru) but that asset is no more (and) we are still paying back the loan.
NRZ (National Railways of Zimbabwe) was put there to bring goods from the ports, because we are a landlocked country. But all those projects have gone and some of them are now dust. We are failing to care for and maintain our investments.
More: New Zimbabwe