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Zim to tap into US$38bn aid for development

ZIMBABWE is set to tap into the US$38 billion aid for development cooperation fund set by the European Union (EU) for African Caribbean and Pacific (ACP) states, a result of the country’s re-engagement with the trading bloc.

BY OUR STAFF

Finance minister, Tendai Biti last week said as part of the on-going re-engagement with the EU, government and the European Delegation to Zimbabwe are in the process of jointly programming for the 11th European Development Fund (EDF) set to benefit ACP states.

“The first phase was completed in October 2012 whereby a draft country strategy paper and proposed areas of cooperation for the 11th EDF were submitted to the EU,” Biti said in his mid-term fiscal policy review statement.

He said individual country allocations are yet to be finalised confident that Zimbabwe would benefit from the facility.

Zimbabwe missed the previous two facilities due to the country’s sour relations with the EU bloc.

EDF usually runs for six years and the 11th EDF facility begins next year up to 2020.

Other than ACP countries, the EDF also caters for overseas countries and territories. EDF covers economic, social and human development, and regional cooperation and integration.

Zimbabwe built bridges with the EU following the formation of the inclusive government in 2009.

As a result, EU assistance to the country increased and to date the EU and its member states have provided US$1 billion in development assistance to Zimbabwe in the areas of food security and agriculture, social sectors and the promotion of governance.

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