Zim needs $18bln for infrastructure rehab: World Bank

HARARE - 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 (2)

Imali yonke leyi ikhona igciniwe nguye osesebennza ukunikela kumbe ubona angani uzangcwatshwa lemali igovu leli

Nqwa - 6 March 2014

Thats money we could easily get from our diamond if they were being sold properly, 70 million USD for close to a million carats, ZANU PF really takes us for FOOLS

roland dube - 8 March 2014

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