Sunday, October 26, 2014 Local time: 00:59

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African Development Bank to Reopen Office in Harare to Help Manage Donor Fund

Economic commentator Bekithemba Mhlanga said undercapitalized Zimbabwean firms could access credit lines from the African Development Bank once it has opened the new office

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Gibbs Dube

The African Development Bank will shortly open a new office in Harare to manage a multi-donor trust fund expected to raise more than US$1.5 billion to rehabilitate the run-down economy, a source close to the bank said Tuesday.

AfDB media consultant Ernest Achono said international finance institutions like the World Bank currently managing the multi-donor trust fund, have supported the the African Bank’s move to reopen in Harare.

Achono told VOA Studio 7 reporter Gibbs Dube the restored Harare office will promote good governance and create investment opportunities. It will support water and sanitation programs and build economic capacity.

“The bank’s policy is to open offices in countries that are facing a lot of operational difficulties and require capacity building to revamp their economies,” said Achono.

Economic commentator Bekithemba Mhlanga said undercapitalized Zimbabwean firms could access credit lines from the African Development Bank once it has opened the new office. "This will allow firms to recapitalize leading to the gradual improvement in capacity utilization by various enterprises,” Mhlanga said.

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