Zimbabwe Bypasses Local Options, Seeks BRICS Financing

Written by Makula Dunbar

From All Africa

Zimbabwe is courting the BRICS grouping (Brazil, Russia, India, China and South Africa) to finance its ambitious $27 billion economic blueprint, the ZimAsset, after admitting that the resources could not be raised locally.

Vice President, Joyce Mujuru, said at the ongoing Zimbabwe International Trade Fair (ZITF) in Bulawayo on Wednesday that the grouping provided most realistic chance of funding after relationship with Western countries continues to be strained.

BRICS is a grouping emerging economies of Brazil, Russia, India and China, which are the world’s fastest growing economies.

“The emergence of the East and the BRICS offers potential for growth in financial and economic cooperation for Zimbabwe and the rest of Africa,” Mujuru said.

Mujuru said Government would pursue joint ventures with private players in projects that develop the economy.

“In order to facilitate implementation of joint ventures, Government is coming up with a PPP (private public sector partnership) framework with a view to give legal force and avoid uncertainties and delays in the processing joint ventures and other projects,” she said.

Read more at All Africa