Harare, (New Ziana) –The Zimbabwe government has taken a significant step in its drive to secure new sources of development financing after formally applying to join the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance, Economic Development and Investment Promotion has said.
In a statement, the Ministry said the application signals the determination of the country to strengthen international financial partnerships and unlock long-term funding for critical infrastructure projects that support economic transformation and climate resilience.
It said the Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube recently led a high-level delegation to Beijing, China, where officials held strategic discussions with senior AIIB executives on areas of potential cooperation.
According to the Ministry, the engagements focused on Zimbabwe’s development priorities and how they align with the bank’s investment agenda, which includes sustainable infrastructure, climate-resilient projects, regional integration and private-sector development financing.
“The bank’s priority areas strongly resonate with Zimbabwe’s development agenda, particularly in the areas of climate change resilience and hydro-infrastructure development,” it said.
Minister Ncube emphasized the country’s urgent need for long-term capital and technical expertise to expand critical infrastructure that underpins economic growth.
“He emphasized that Zimbabwe is seeking long-term financing and technical partnership to expand sustainable energy and water systems, which are central to the country’s economic transformation,” the ministry stated.
Membership of the AIIB would potentially open new avenues for Zimbabwe to access financing for strategic infrastructure projects at a time when the country is pursuing broader efforts to modernize its economy and improve service delivery.
The move comes as the country intensifies engagements with international financial institutions and creditors in a bid to restore confidence in its economy and regain access to global capital markets.
For nearly three decades, Zimbabwe has faced challenges accessing international financing due to unresolved external debt arrears.
However, the government has embarked on an arrears clearance and debt resolution process aimed at rebuilding relationships with global lenders and investors.
The AIIB application also complements Zimbabwe’s ongoing efforts to diversify its sources of development finance, including its pursuit of membership in the BRICS New Development Bank.
Recent progress in the country’s economic reform program has further strengthened re-engagement efforts with the International Monetary Fund (IMF) earlier this year approving a 10-month Staff-Monitored Program designed to support macroeconomic stability and advance Zimbabwe’s reform agenda.
The Ministry of Finance said Zimbabwe views cooperation with the AIIB as an opportunity to accelerate investment in infrastructure that promotes sustainable growth, enhances climate resilience and supports the country’s long-term development objectives.
New Ziana
