'Investment projects implementation low,' says AfDB

'Investment projects implementation low,' says AfDB
Published: 10 July 2013
The African Development Bank says project implementation of investment projects since 2008 has been a paltry 6.9%.

During 2008-2011, actual investments in the country amounted to $709.5 million out of $10.2 billion investment projects approved by the Zimbabwe Investment Authority.

According to the AfDB monthly economic review for the month of May, the regional lender said: "Although ZIA approval figures show that foreign investors have an intention to invest in the country, actual investment has always been far less than the approved levels over the years."

AfDB said the one stop shop launched in 2010 was expected to result in more investment as it shortened the number of days taken by companies, to register companies but that had not been the case.

AfDB said there was need to invest in new technology to replace antiquated technology to grow the manufacturing sector that is collapsing.
- newsday

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