Zimpapers Logo

Prince Sunduzani, Business Reporter
THE Zimbabwe Reconstruction Fund (Zimref) has received an additional $4.2 million from the United Kingdom’s Department for International Development (DFID).

The financial boost brings to $12.6 million so far given by DFID to the institution, which has aided the gazetting of seven pieces of legislation into law.
Zimref, whose funding portfolio has increased to $40.4 million since 2015, is a World Bank administered multi-donor institution mandated to revive key projects across the country.

DFID Zimbabwe head, Ms Annabel Gerry, was quoted saying the fund will help Zimbabwe on its economic recovery path through technical assistance from the World Bank.

The additional funding will provide for increased support to the Government in revising the investment law, supporting the poverty income consumption expenditure survey, agriculture expenditure review and support to the climate change, state-owned enterprises and the education sector.

“We are pleased to be committing a further £3 million of UK support to Zimref. This will enable the World Bank to scale up technical advice to the Government of Zimbabwe as it takes forward its economic reform commitments to ensure economic recovery and a more prosperous future for all Zimbabweans,” she said.

Permanent Secretary in the Ministry of Finance and Economic Development, Mr Willard Manungo, expressed gratitude to the contributing nations for their continued support.

At the beginning of 2016, contributing donors for the fund comprised Denmark, European Union, Norway, the State and Peace Building Fund, Sweden, Switzerland and the United Kingdom.

The fund, which is expected to run until end of December 2019, is a country-specific umbrella type Multi-Donor Trust Fund approved by the board of executive directors of the World Bank in May 2014. — @PrinceNkosy102