Zimbabwe Needs US$33 Billion for Infrastructure Projects
Blessing Zulu
World Bank President Jim Yong Kim (r) during a press conference with U.N. Secretary-General Ban Ki-moon in Goma, eastern Congo, May 23, 2013.
WASHINGTON DC —
A senior World Bank official says Zimbabwe requires more than US$33 billion for infrastructure projects over the next 20 years to turn around its economic fortunes.
Nadia Piffaretti says infrastructure development should be part of Zimbabwe's long term economic transformation objectives, stating that US$11.3 billion is required for electricity generation-related projects alone.
He says another US$13.4 billion should be allocated towards transport infrastructure development in the coming two decades and the country should have a compound annual growth rate of 6.2 percent and 1.3 percent to achieve these targets.
The economist further says at least US$6.8 billion and US$1.8 billion should be channelled towards telecommunications, water and sanitation infrastructure.
Albert Mandizvidza of Peekford Management, a southern African regional consulting firm, said Zimbabwe has no capacity to raise the funds.
