AfDB to engage locals on new strategy

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The LTS is meant to run from 2013 to 2022.
AfDB (Zimbabwe) lead economist Mr Damoni Kitabire said all suggestions would be presented for consideration and approval before the end of the year.
“In order to develop the LTS, the bank is undertaking intensive consultation with stakeholders,” he said.
“Taking into account the outputs of these various consultations, a formal strategy will be drafted and submitted to the bank’s executive board for approval before the end of the year.”.
The regional financier last week held a stakeholder meeting whose objective was to provide an opportunity for Zimbabwean stakeholders to contribute to the development of its long-term strategy.
Attending the meeting were senior Government officials, leaders from the private sector and Members of Parliament.
Some contributions from the Zimbabwean stakeholders included the need to develop a continent-wide strategy on engaging the BRICS nations, the need to increase infrastructure spending both on local and regional projects, incentivisation of intra-regional co-operation and collaboration and encouragement of value addition strategies within states.
It was also suggested that the AfDB should play a greater role in ensuring food security on the continent, as well as engage with global capital markets to ensure that international capital flows southward.
The development of the AfDB’s LTS comes at a time of profound change in Africa and internationally. Africa has seen an increasing number of countries registering annual growth rates of 5 percent, which is expected to remain strong.
But such positives are accompanied by serious threats. Recent events, notably the eurozone crisis, highlight uncertainties in the global economy, which are likely to result in stagnation or decline in concessionary funding as well as greater competition for resources from an increasing number of multilateral institutions.
The AfDB has assisted Zimbabwe in a number of infrastructure development and rehabilitation projects.
Last year it published its flagship “Infrastructure and Growth in Zimbabwe Report”. The bank structured an Infrastructure Action Plan for Zimbabwe 2011-2020, which calls for increased spending on routine maintenance to the tune of US$700 million a year.
Among other initiatives, the bank also supports the largest tilapia fish farm in the country.