Zimbabwe has become the nineteenth (19th) member state of the Africa Finance Corporation (AFC). This comes after Finance Minister Patrick Chinamasa signed the Instrument of Adherence to the Member of Africa Finance Corporation on 09 May 2018.
In a press statement released on its website, AFC announced that it has partnered with the Infrastructure Development Bank of Zimbabwe (IDBZ) and is exploring for investment opportunities. The IDBZ has a national mandate to champion infrastructure development in Zimbabwe in the key sectors of energy, transport, housing, ICT, water and sanitation. IDBZ was designated by Government of Zimbabwe to be the focal and national implementing entity for Green Climate Finance and is currently undergoing accreditation to GCF; a development which makes the IDBZ an ideal partner for the AFC’s entry into the Zimbabwean market.
AFC says Zimbabwe’s membership will significantly enhance the Bank’s resource mobilisation efforts towards funding the country’s huge infrastructure needs IDBZ CEO Thomas Zondo Sakala said they look forward to working closely with the AFC, particularly in the areas of project development, capacity building, and infrastructure delivery.