adminSen Georgias told the ambassadors that the project had immense economic benefits for the four countries and the Sadc region.
“I urge you to approach your principals in your different countries and sell the idea to them so that we sign a memorandum of understanding and begin work on the Zambezi River’s banks immediately,” he said.
“There is an investor with US$10 billion waiting to inject the capital once the memorandum of understanding is signed and the four countries form a company to run the project. I cannot reveal the identity of the investor at this stage.”
Sen Georgias said the project would drastically cut the high freight costs that have rendered trade unviable among the countries and other global players.
He said the project would involve opening up or deepening the banks or riverbed of the Zambezi to allow ships to sail from the Indian Ocean to as far as Victoria Falls.
“This is a mammoth project. It has a big economic significance to Zimbabwe and her allies,” Sen Georgias said.
“It will help cut transaction costs. At the moment, export and import charges account for 80 percent of the cost of doing business.”
Zambian Ambassador to Zimbabwe Mr Ndiyoi Mutiti said the project was crucial for Zambia, Malawi and Zimbabwe which are landlocked.
“My country is quite aware of the benefits such a project will bring to its economy and the region as well,” he said.
“We should also talk to technocrats even before the signing of the memorandum of understanding so that they give our principals a clear picture of what to expect.”
Malawian Ambassador to Zimbabwe Professor Richard Phoya said the countries needed to tackle political issues first to give impetus to the project.
“There should also be consultations with engineers because this is a gigantic engineering project we are talking of,” he said.
“All countries participating in the project should be involved in nurturing the appropriate political environment to allow trade to flow smoothly,” he said.
Online Reporter