Zimbabwe gets $108 mln from AfDB for electricity, water

by Reuters 0

Kenya’s Diamond Trust Bank jumps 17% in pretax Nigeria sets 2020 goal to have 80 per cent of its population financially included in the banking system.

This was announced by the country’s finance minister said on Wednesday.

Patrick Chinamasa said the money would be used to repair the Kariba Dam, which generates most of the country’s power, and to fix electricity transmission lines.

Water supplies in the second largest city Bulawayo and a smaller town would also be improved.

“I am very pleased that this assistance has come at the right time. Infrastructure is critical and a priority in the resuscitation of our economy,” Chinamasa told reporters.

The southern African country owes foreign creditors like the AfDB, World Bank and International Monetary Fund, 9 billion US dollars, which has prevented it from accessing fresh loans required to rebuild roads, schools and hospitals.

Zimbabwe is projected to spend 81 per cent of its national budget on salaries for state workers next year, leaving little to develop infrastructure.