AfDB gives Zimbabwe $58m for water and power projects
2 November 2010
The African Development Bank (AfDB) is to give Zimbabwe $58 million (£36 million) to put towards water and power rehabilitation projects.
It comes after a decade where the infrastructure of the country has been decimated by a financial crisis, African Manager reports.
As things stand, the nation has to ration both water and power and it is hoped this loan will help kick start projects that will reverse that situation.
Damoni Kitabire, an official for the AfDB, told the news provider: "The team preparing the water project is currently in the country working on the details of the project."
The group said until Zimbabwe gets its mounting debt problems under control, there is no way it can give loans of a bigger size.
It comes after it was announced the African Development Fund has been replenished with $9.5 billion, which is the 12th time that it has received additional finance.