Zim needs $18bln for infrastructure rehab: World Bank

Zim needs $18bln for infrastructure rehab: World Bank

via Zim needs $18bln for infrastructure rehab: World Bank – DailyNews Live by Lloyd Mbiba  6 MARCH 2014

Zimbabwe needs about $18 billion to modernise its infrastructure and recapitalise, a top government official has said.

Stanislaus Mangoma, director of Enterprise Development in the ministry of Industry and Commerce, told delegates during a World Bank seminar on trade and competitiveness held at a local hotel in Harare yesterday, that the hyper inflation era curtailed the infrastructure modernisation drive.

He said: “Regarding recapitalisation and modernisation, it is well-known that capital equipment in Zimbabwe is on average 30-years-old and over.

During the decade of hyper inflation, no recapitalisation and modernisation, let alone funding for research and development ever took place.

“In addition, given that the cost of money in Zimbabwe is prohibitive, the lack of development was further exacerbated by the cost of money with its attendant short-term nature.

“Initial estimates post adoption of multi-currency era under the government of national unity put industry requirements at approximately $2 billion.

“If you add the level of funding required for the revitalisation of dilapidated infrastructure which include rail, road, air, water and telecommunications, the resource envelope would balloon to over $18 billion.”

Mangoma said government will set up Special Economic Zones this year.

 

COMMENTS

WORDPRESS: 8
  • comment-avatar
    John Thomas 4 years

    These special economic zones have been setup over and over again. How is it going to be different this time?

  • comment-avatar
    Jono Austin 4 years

    Which would have been covered by diamond sales had the money benefited the nation rather than politicians’ pockets.

  • comment-avatar
    Angela Wigmore 4 years

    Incredibly, these ”do-gooder” organisations/countries continue to pour billions into Zanu’s coffers.

    • comment-avatar

      These do good organisations are stupid. Zimbabwe has the money, ask mugabe who recently spent millions on his birthadya bash and his daughter;’s wedding. We don’t need outsiders to finance our recovery projects. tell mugabe and the ministers to return the money they have stolen from the nation. our diamonds being one of the thefts.

  • comment-avatar
    bill mills 4 years

    Who in the world is stupid enough to provide $18,000,000,000.00 to Zimbabwe? The most probable fate of such a generous sum would be to make 18 new Billionaires from the luckiest members of the senior cohort of the Zim Corruptocrats. Lets hide and watch how this plays out.

  • comment-avatar

    Sleep in the bed you have made. Stop all aid except for emergencies.

  • comment-avatar
    NBS 4 years

    Wrong! we need good and Godly governance. That’s all.

  • comment-avatar
    NBS 4 years

    The world is so blind. They keep feeding the thief that plunders and steals. We need to repent and take another road altogether.