Pan-African finance institution the African Export-Import Bank (Afreximbank) has signed a joint project preparation facility with Zimbabwe’s Mutapa Investment Fund. The facility will see the parties collaborate on mobilizing up to $50 million in project financing.
In line with Zimbabwe’s Vision 2030 initiative – aimed at establishing the country as an upper-middle income economy by 2030 – the financing aims to support the development of projects across strategic sectors of the Zimbabwean economy.
Under the terms of the facility agreement, Afreximbank will support MIF’s portfolio of investee companies access project preparatory financing. The aim is to identify a pipeline of bankable projects across the country, unlocking capital for projects in the energy, agro-processing, industrial, minerals and logistics sectors.