via Zim seeks infrastructure funds – DailyNews Live 29 September 2014 by Ndakaziva Majaka
HARARE – Zimbabwe is seeking financial assistance from the PTA Bank to help spearhead infrastructure development in the country.
Finance minister Patrick Chinamasa last week pleaded with the Eastern and Southern African Trade and Development Bank to release more money into infrastructure development in the investment-starved country.
“My challenge is to address the infrastructural gaps that exist in our infrastructural framework, which include power deficit, water reticulation challenges, railways, roads and ICT,” Chinamasa told PTA Bank officials at the inauguration of the financial institution’s Harare Regional Office.
“You were telling me about the $10 million fibre optic that you put in Burundi. I would love to have that kind of support,” said Chinamasa.
This comes after PTA Bank has extended $500 million in loans to Zimbabwe over the last 15 years and plans to increase its exposure in the region.
The minister said although he appreciated the all-sector approach PTA Bank had adopted, infrastructure in the country needed immediate attention.
“The bank’s investment cuts across all sectors of the economy, agribusiness, manufacturing, health, education, mining, ICT, financial services and hospitality.
“While all these areas are relevant, infrastructure needs an immediate solution if development is to happen in the country,” he said.
Before the advent of the chaotic land reform programme in the year 2000 aimed at addressing the land imbalance, Zimbabwe was renowned for a well-knit and well-maintained infrastructure, which was the envy of many and was a major draw-card in attracting investors.
The infrastructure not only played a pivotal role in supporting the country’s economic growth, but also that of the entire southern Africa region because of the country’s geographical position.
However, lack of foreign direct investment and poor government policies have seen most of the infrastructure in the southern African country deteriorating.
In April this year, Amarakoon Bandara of United Nations Development Programme said Zimbabwe requires $18 billion to rehabilitate its run-down infrastructure and attract more foreign direct investment.
“If basic internal infrastructure needs cannot be met, even generous fiscal incentives will not be enough to attract and retain investors in the zones,” said Bandara.
Last week, South African Development Finance Institutions were in the country to scout for infrastructure investment deals.
The interested institutions are the Development Bank of South Africa (DBSA), Industrial Development Corporation (IDC), Transnet and the Public Investment Corporation (IPC).
President Robert Mugabe also signed several infrastructure investment deals in China, at a recent visit to the Asian economic giant.
COMMENTS
Chinamasa spends a lot of time seeking loans Doesn’t he understand plain English and the facts? Don’t pay back your loans so now no one will lend any more. Zimbabwe is up to its eyeballs in debt and still looking for more.
Read and watch the clergyman like Martin Luther Jnr,Gandhi all thy represent was purpose of unit to found.Here in Zim its nw black on black and the white man wil always laugh at us,look at unit governmnt before the election things were now improvin for ordinary man nw it cries in small country tht has vast riches because of pride why cant one eat the humble pie for the sack of goodness and future of our children.Corruption will never end if the economy encourages 1 to forge with life.Black people please wake up because you have education bt u cant use it actin like unschooled people shame shame,I say ths shame shame on u black people what about your children their hw long will thy keep runnin living like slaves in other countries because of your bad choices and policies.I want to leav u with this. Ar ur actions to ur country man just? or ur become a villain? be a hero and help Zimbabwe out of corruption and mismanagement
“You were telling me about the $10 million fibre optic that you put in Burundi. I would love to have that kind of support,” said Chinamasa.
If PTA bank did that for Burundi it’s most likely because Burundi pays its debts. Zimbabwe does not. So much as you love it Patrick you can’t have it.
So all those deals with China? What were they in aid of?