Dr. Akinwumi Adesina, president of the African Development Bank Group, began a two-day official visit to Zimbabwe when he arrived.
Adesina agreed to the Zimbabwean government’s request in February to represent Zimbabwe among international financial institutions and bilateral creditors as the nation’s champion for debt resolution and arrears clearance.
The president of the Bank Group will meet with President Emmerson Dambudzo Mnangagwa and other government representatives, including Minister of Finance and Economic Development Mthuli Ncube, who also serves as the governor of Zimbabwe on the Board of Governors of the Bank Group.
The African Development Bank’s potential technical assistance to the Zimbabwean government will be the main topic of discussion.
In order to promote economic stability and recovery, President Mnangagwa, who was elected in 2018, has introduced a number of economic reforms.
Adesina will have meetings with several ambassadors from Africa, the G7, and international financial organizations with offices in Zimbabwe.
Due to debt arrears totalling more than $2.6 billion, Zimbabwe is the only regional member nation of the African Development Bank that is currently subject to sanctions from the Bank and other multilateral financial institutions.
The $145.8 million Zimbabwe Multi-Donor Trust Fund, also known as “the ZimFund,” has been managed by the African Development Bank since 2010.
The nation’s energy, water, and sanitation infrastructure has benefited financially from the ZimFund.
The United Kingdom, Australia, Germany, Sweden, Denmark, Norway, and Switzerland are the seven countries that finance the ZimFund.