By Tendai Guvamombe
In a significant move to drive economic growth and development in Zimbabwe, the African Export-Import Bank (Afreximbank) has partnered with the Mutapa Investment Fund (MIF), Zimbabwe’s sovereign wealth fund, to establish a Joint Project Preparation Facility (JPPF). This transformative initiative aims to mobilize project preparatory funding to support financing of projects in key sectors of Zimbabwe’s economy.
According to Afreximbank, “Through this partnership, Afreximbank will support MIF’s portfolio of investee companies to access project preparatory funding to create a robust pipeline of bankable projects that Afreximbank, MIF and other financial institutions can readily finance.”
The partnership is expected to unlock investments in critical sectors such as energy, transport and logistics, agro-processing, solid minerals development and beneficiation services, as well as industrial and allied sectors. These sectors are key enablers for economic growth, aligning with the government’s Vision 2030 aspirations.
“Afreximbank and MIF aim to mobilize up to US$50 million in the form of project preparation funds for investments in Zimbabwe,” Afreximbank stated.
This significant investment is poised to make a positive impact on the country’s economy, driving growth and development in key sectors.
The partnership between Afreximbank and MIF builds on a longstanding partnership and solid cooperation track record between Afreximbank and the Government of Zimbabwe, geared towards boosting trade and investment in Zimbabwe.
The signing of the JPPF Framework Agreement was witnessed by Prof. Benedict Oramah, President & Chairman of the Board of Directors, Afreximbank Group, and Mr. Zitto Alfayo, Director, Project Preparation. The agreement was signed by Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development, Afreximbank, and Dr. John Mangudya, CEO, Mutapa Investment Fund.
This partnership is a testament to Afreximbank’s commitment to supporting economic development in Africa. By providing project preparatory funding, Afreximbank is helping to bridge the gap between project ideas and bankable projects, ultimately driving economic growth and development in Zimbabwe.