Zimbabwean economy handed financial boost

26 July 2012

Zimbabwe's beleaguered agriculture industry has been given a huge shot in the arm, with the sector being awarded a $13 million boost by the Africa Enterprise Challenge Fund (AECF), Financial Gazette reports.

According to the AECF, the purpose of the funding is to stimulate growth in the industry, which is a fundamental part of the local economy.

Long-term, it is hoped that the money will help to create new employment opportunities and thereby reduce poverty.

Finance minister, Tendai Biti, hopes that the money will reinvigorate the private sector, which could in turn lead to growth in other areas of the economy.

"It is the proverbial goose that lays the golden eggs for creating jobs, economic opportunities, paying taxes and investing in innovation," Biti explained.

Ongoing economic uncertainty has undermined the business community in Zimbabwe over the last decade or so.

However, the AECF hopes that the new investment will become a landmark for the country's economy.

Category: General