Arab Bank gives Zimbabwe US$35 million for development projects

Report
from Pan African News Agency
Published on 19 Mar 2003
Harare, Zimbabwe (PANA) - The Arab Bank for Economic Development in Africa (BADEA) is providing Zimbabwe with 35 million US dollars for agriculture, energy and road construction projects, Zimbabwean Finance Minister Herbert Murerwa said in Harare Wednesday.
He said the bulk of the money would be used to develop dams and irrigation projects, particularly for new black peasants resettled by government on farms controversially seized from white farmers.

The Minister said the financial package, the latest Zimbabwe has received from the Arab Bank, was secured at meetings between government officials and executives of the bank at the just-ended Common Market for Eastern and Southern Africa (COMESA) Summit in Khartoum, Sudan.

"We held discussions with officials of the bank and they have indicated that they are willing to support agricultural and rural development projects (in Zimbabwe)," Murerwa said.

Zimbabwe, mired in an unprecedented economic crisis, has made agricultural development a top priority.

Pan African News Agency:
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