AfDB President Welcomes the Agreement in Zimbabwe

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The President of the African Development Bank Donald Kaberuka has welcomed the conclusion of the Agreement in Zimbabwe.

The President said "this is a major breakthrough in the light of the dire economic situation in Zimbabwe which has brought extreme hardship to its people. The Agreement therefore paves the way for embarking on the much needed arduous task of economic recovery and reconstruction which is urgent, for its people, the region and Africa. It is my sincere hope that the Agreement is effectively implemented to open the way for the much needed reforms and the restoration of business confidence in Zimbabwe".

The President continued; "the implementation of the Agreement will inevitably present its own challenges and difficulties.  It will be up to the leaders and people of Zimbabwe to ensure that the Agreement holds; that a credible strong economic reform programme, which Zimbabwe’s partners can support, is in place". He added "the Bank stands ready in coordination with other international donors to provide support and assist in the context of the normalization of the country’s relations with the international financial community."

The President concluded "we commend the efforts by the facilitator, President Thabo Mbeki, and the role played by the AU and SADC, for this accomplishment."

The African Development Bank has provided financial assistance to Zimbabwe since 1980.  However, it suspended its activities in 2000 as the country fell into arrears to the Bank estimated at UA 270 million (USD 406 million).

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