Insurance sector urged to help finance projects

Adelaide Moyo , Business Reporter
THE insurance sector should join hands with the government in mobilising resources to finance different economic projects under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset), a Cabinet minister has said.

Addressing delegates during the Insurance Institute of Zimbabwe Conference in Victoria Falls on Monday, Tourism and Hospitality Industry Minister Walter Mzembi said insurance players have a role to play mobilising resources for the economy.

“I challenge the insurance sector to bargain and work on value addition and beneficiation cluster in the Zim-Asset. The sector has potential in being part of resource mobilisation in the country,” he said.

Minister Mzembi called on players in the insurance sector to partner the Mosi-oa-Tunya Development Company, which is expected to spearhead the development of an Eco-Disneyland Park near Victoria Falls International Airport.

“Having the director as someone from the insurance sector, we want this project to be a game changer and we’re looking at provision of diversified tourism products in the resort town. The project is meant specifically for the new airport look that will treble passenger handling from 500,000 per annum and we want to attract those people to the Special Economic Zone,” said Mzembi.

“I urge companies to invest in this project as it will help in keeping alive international investors’ interest in this area of business.

“It’ll help in driving the 5:5:15:2020 vision for the tourism economy in Zimbabwe interpreted as five million arrivals, five billion revenue and a 15 percent contribution to GDP by year 2020.”

Executive director of the Infrastructure Development Bank of Zimbabwe, Desmond Matete, said the country needs about $33 billion within the next decade to cover infrastructural costs.

“We require that money to cover electricity, transport, water and telecommunications and this implies that the country needs to invest about $1,65 billion per annum in order to meet the infrastructural needs,” Matete said.

The conference was expected to end yesterday.