African Development Bank (AfDB) president, Akinwumi Adesina has said Zimbabwe will again be the breadbasket of Africa.
He made the remarks at the three-day-long Africa Investment Forum Market Days 2022 which ended Thursday in Abidjan, Côte d’Ivoire. NewZimbabwe.com quoted him as saying:
The bank’s approved a US$4 million grant to support the development of a secretariat to move the country’s debt arrears clearance issue forward.
I know the story of Zimbabwe, the opportunities and potential of Zimbabwe. I think Zimbabwe is not as risky as you think. Private sector opportunities are limitless.
Zimbabwe is strongly committed. Zimbabwe will again be the breadbasket of Africa. I will swim right beside you.
Adesina outlined the country’s many potential areas for investment, including steel, agriculture and information technology.
He said the bank was lending support in these and other sectors.
AfDB also made a grant to Zimbabwe during the COVID-19 pandemic.
His remarks come as the southern African nation is currently grappling with an estimated US$17 billion debt, which is 61.6% of the Gross Domestic Product (GDP) as of June 2022.
Of this total debt, publicly guaranteed debt of US$13,2 billion is external while US$3.5 billion is domestic debt.
Interests and penalties for the past two decades are estimated at US$6.6 billion.
Zimbabwe was known as the breadbasket of Africa until the turn of the millennium, exporting wheat, tobacco, and corn to the wider world, especially to other African nations. However, today, Zimbabwe, is a net importer of foodstuffs from the Western World due to climate change and poor Agricultural policies.