THE African Export Import Bank (Afreximbank) and the Mutapa Investment Fund have signed a joint project preparation facility framework agreement to mobilise project preparatory funding of US$50 million to finance bankable Zimbabwean projects in key sectors.
Afreximbank on Monday said the partnership supports Mutapa’s portfolio of investee companies to access project preparatory funding to create a robust pipeline of bankable projects.
Afreximbank is one of Zimbabwe’s key external lenders, with the government owing it US$381 million as of September from the total external debt position of US$12,32 billion.
To date, Afreximbank has disbursed loans to Zimbabwe of more than US$13 billion.
“Afreximbank and Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund, have signed a transformative Joint Project Preparation Facility Framework Agreement, to mobilise project preparatory funding to support financing of projects in key sectors of the Zimbabwe’s economy,” Afreximbank said.
“Afreximbank and Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund, have signed a transformative Joint Project Preparation Facility Framework Agreement, to mobilise project preparatory funding to support financing of projects in key sectors of the Zimbabwe’s economy,” Afreximbank said.
“The agreement was signed by Kanayo Awani, executive vice president of Intra-African Trade and Export Development, Afreximbank, and John Mangudya, CEO Mutapa Investment Fund, and witnessed by Benedict Oramah, Afreximbank’s president and chairperson of the board of directors and Zitto Alfayo, director project preparation.
“Through this partnership, Afreximbank will support Mutapa’s portfolio of investee companies to access project preparatory funding to create a robust pipeline of bankable projects that Afreximbank, Mutapa and other financial institutions can readily finance.”
There are 30 state-owned enterprises (SOEs) under Mutapa.
These SOEs, their subsidiaries and state-invested enterprises take the entire portfolio under Mutapa to 66.
The fund has been using this portfolio to attract international investment to channel back into Zimbabwe’s critical capital projects.
Afreximbank said the collaboration marked a bold step towards unlocking investments into energy, transport and logistics, agro-processing, solid minerals development and beneficiation services, as well as industrial and allied sectors.
“These sectors are key enablers for economic growth, aligning with the government’s Vision 2030 aspirations. Afreximbank and Mutapa aim to mobilise up to US$50 million in the form of project preparation funds for investments in Zimbabwe,” Afreximbank said.
The bank noted the new framework agreement was built on a longstanding partnership and solid cooperation track record between Afreximbank and the government geared towards boosting trade and investment in the southern African country.
The bank noted the new framework agreement was built on a longstanding partnership and solid cooperation track record between Afreximbank and the government geared towards boosting trade and investment in the southern African country.
