Chronicle Editor
Prosper Ndlovu recently in Maputo, Mozambique
AFRICAN countries must shrug off dependence on foreign funding to actualise implementation of critical infrastructure investments and harness domestic resources to accelerate the transformation of the region’s economy, President Mnangagwa has said.
Securing global finance for key infrastructure projects is a major constraint for many African countries including Zimbabwe, which has been under the yoke of illegal Western sanctions for the past 24 years, with crippling adverse impacts across major economic sectors.
However, since the birth of the Second Republic led by President Mnangagwa, Zimbabwe, using its internal resources, has scored major milestones in modernising its infrastructure to spur economic growth.
Through close collaboration with the domestic private sector and local expertise, the country has successfully implemented high-impact public infrastructure projects covering health, aviation, education, technology and road projects across provinces.
Of late, Zimbabwe is seized with intense infrastructure projects in Harare ahead of the hosting of the Sadc Summit slated for next month where President Mnangagwa will assume chairmanship of the 16-member regional bloc.
The country is also engaged in collaborative regional development projects with neighbouring states as part of its obligations as a member and partner in fostering the desired regional integration.
Speaking on arrival from Maputo in Mozambique on Friday evening at the Robert Gabriel Mugabe International Airport after attending the Tripartite Ponta Techobanine Summit on the development of the deep water port in the neighbouring country and the rail project linking Zimbabwe, Botswana and Mozambique, President Mnangagwa said dependence on external project financing was a serious drawback for regional progress.
He said his signing of the Tripartite Agreement with his counterparts, Presidents Mokgweetsi Masisi of Botswana and Filipe Nyusi of Mozambique on Friday, was a groundbreaking moment to operationalise the ambitious US$6,5 billion project, which has remained in limbo since 2011 mainly due to funding bottlenecks.
During their closed-door deliberations, President Mnangagwa said the need to harness domestic resources to support the initiative held sway.
“Instead of looking outside for funding, we resolved that we should generate our own domestic resources so that the project can move on,” said President Mnangagwa.
“We think that as we develop, we need to depend on our own resources to build our own infrastructure rather than looking outside.”
The President’s sentiments come amid concerns over inadequate development funding support for developing economies while at the same time, those who have accessed funding in recent years are being choked by the debt repayments burden.
In some scenarios, development analysts have argued that foreign project funding comes with political strings attached with adverse implications on the sovereignty of the targeted beneficiary states.
Regarding the Techobanine Deep Water Port and Rail Project by the three countries, President Mnangagwa said its successful implementation would open wider opportunities for Zimbabwe.
The benefits include enhanced interconnectivity for trade gains by a diversity of economic players across the country and the region at large.
Under this framework, Zimbabwe is poised for massive revamping of its railway system for improved interoperability with regional peers, which would facilitate expanded cargo carrying capacity and reduced logistical costs for traders.
Earlier during the deliberations with his peers, President Mnangagwa said he took the opportunity to apprise President Nyusi and President Masisi of the advanced progress made by Zimbabwe in preparation for the forthcoming Sadc Summit.
“As the incoming chair of Sadc, I also took the opportunity of the Tripartite Summit to re-affirm my commitment to work closely with all Sadc Heads of State in pursuit of our regional integration goals,” he said.
Online Reporter