Zimref coffers reach $27,5 million

By | March 14, 2017

The Zimbabwe Reconstruction Fund (Zimref) has so far received more than half of the $40,4 million pledged by donors to strengthen the country’s systems for reconstruction and development, with a focus on stabilisation and reform, development and poverty alleviation.

Source: Zimref coffers reach $27,5 million – NewsDay Zimbabwe March 14, 2017

BY BUSINESS REPORTER

Zimref is a World Bank-administered multi-donor trust established in 2014 and is a successor to the Analytical-Multi Donor Trust Fund, which was the World Bank’s main vehicle for financing support to Zimbabwe. It runs up to 2019.

In its 2016 annual report, Zimref said it had received $27,5 million pledged by seven donors and the State and Peace Building Trust Fund.

Zimref said contributions were received from Norway (about $4,1 million), Sweden ($5 million) Switzerland ($1,7 million), State and Peace Building Fund ($5 million), United Kingdom ($5,3 million), Denmark ($1 million) and European Union ($5,4 million).

Of the amount contributed by UK, $2,1 million was received in 2016, Zimref said.

Zimref said of the $27,5 million, $18,8 million was allocated across the eight projects. It said 17%
($4,8 million) of the allocated amount was disbursed and $1,3 million committed, leaving an available balance of $12,7 million.

The slow disbursement was a result of mainly two Recipient-executed National Water Project and Public Financial Management (PFM) activities which took long to be effective. The National Water Project only disbursed $100 000 (1%) of the allocated $5,3 million, while PFM project disbursed $193 000 (2%) of the $5,2 million of the grant amount,” it said.

Zimref is currently working on eight projects on national water, public financial enhancement, public procurement modernisation, business environment, financial sector and investment policy technical assistance, results-based budgeting technical assistance, capital budgeting technical assistance, climate change technical assistance and poverty monitoring and ZimAsset monitoring and evaluation technical assistance.

Zimref’s initial donors included Denmark, the European Union, Germany, Norway, the State and Peace Building Fund, Sweden, Switzerland and UK. Denmark exited the fund at the end of June.

Zimref supports recipient-executed, bank-executed and hybrid projects under its four programmatic windows namely private sector productivity and competitiveness; governance, efficiency and effectiveness of public expenditure; strengthening livelihoods and resilience, and analytical and advisory work.

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