Broke Zimbabwe banks on corporates to bankroll Sadc Summit

via Broke Zimbabwe banks on corporates to bankroll Sadc Summit July 17, 2014

FOREIGN Affairs minister Simbarashe Mumbengegwi yesterday said the cash-strapped government was banking on financial support from the private and corporate sectors to host the 34th Sadc Summit to be held in Victoria Falls next month.

Mumbengegwi told a media briefing in Harare that preparations for the summit were at an advanced state.

“Everything is on course and the corporate sector has been very cooperative and supportive so far in the preparation,” Mumbengegwi said.

He added that President Robert Mugabe was taking over the chairmanship of Sadc at a time when the region had witnessed regional stability. Malawi is the current leader.

“We take over the leadership when political and economic situation in the region is improving. Destabilisation in the DRC (Democratic Republic of Congo) is now under control where the DRC forces, assisted by regional military personnel, have curtailed the threat from the M23 rebels.”

The summit will be held under the theme Sadc Strategy for Economic Transformation: Leveraging the Region’s Diverse Resources for Sustainable Economic and Social Development through Beneficiation and Value Addition.

Mumbengegwi added: “President Mugabe will assume the responsibility to lead in the promotion, safeguard and articulation of Sadc positions at various international fora.”

The meeting takes place at a time when prices of raw materials like minerals were declining on the international markets and industrial action along the main platinum mining belt in South Africa threatened stability in the region’s economic giant.

The Sadc summit will kick off on August 8 and 9 with a finance sub-committee meeting, followed by meeting of standing committee of senior officials including finance committee on August 10 to 12, a council of ministers meeting on August 14 and 15 and finally the summit of Heads of State and Governments on August 17 and 18.