admin
Kudanai Gerede
THE Zimbabwe Multi-Donor Trust Fund (ZimFund) has received a major boost to its coffers from the Swedish government to the tune of US$3 million, which will be channelled towards the resuscitation of the country’s power, water and sanitation sectors.ZimFund, whose administration was entrusted to the African Development Bank Group by the Trust’s contributors — Australia, Denmark, Germany, Norway, Sweden, Switzerland and the United Kingdom — has helped Government in mitigating and rehabilitating critical infrastructure projects in the water and power sectors since its inception at a US$40 million minimum threshold to the current US$148 million in its coffers.
Speaking at the signing ceremony of Sweden’s contribution to the Fund at the Ministry of Finance and Economic Development offices in Harare last Wednesday, Resident Representative to Africa Development Bank Zimbabwe, Mr Mateus Magala, applauded Sweden’s commitment to the Fund and in resuscitation of the country’s ailing economic sectors through its continued assistance in keeping afloat the ZimFund.
“Today Sweden’s commitment to contribute an additional US$3 million thus brings the total resource endowment of ZimFund to approximately US$148 million and narrows the funding gap to US$12 million from US$34 million at the beginning of this year”, said Mr Magala.
“The continued availing of fresh resources by development partners is, indeed, an honest testimony of the relevance and good performance of ZimFund. I would like therefore to congratulate Sweden today for the demonstrated leadership and vision, another good example which I am confident other donors will pursue”, he added.
Despite initial implementation hurdles, Phase 1 of the ZimFund is expected to be completed by year-end and focus is already on Phase 2 which commenced in July this year which will see procurement and installations of pipes, pumps and fittings and improve availability and reliability of electricity, reduced load shedding and stable water supplies in the country’s towns and cities.
“Sweden’s contribution reaffirms its strong confidence in the African Development Bank’s administration of ZimFund and confirms the important role and impact that the ZimFund intervention is having in changing the lives of Zimbabweans for better in very challenging circumstances”, Magala said.
The Africa Development Bank celebrates its 50th anniversary as a centre of Africa’s transformation by infrastructure development, integration and effective inclusive growth.
Online Reporter