European Investment Bank team arrives in Zim

European Investment Bank team arrives in Zim

Posted on April 14, 2015 by ZimSitRep_M via European Investment Bank team arrives in Zim – DailyNews Live

 A high level team from the European Investment Bank (EIB) have been said to have arrived in Zimbabwe to assess the economic situation in the country, European Union (EU) Ambassador Philippe Van Damme has said.

 EIB officials are scheduled to meet with Finance minister Patrick Chinamasa, the central bank governor, John Mangudya, and several players in the private sector with special emphasis on the financial services sector.

They arrived yesterday, and will be in the country for a week. This is a follow up to last year’s mission with prospects in the private sector for possible contribution to Foreign Direct Investment and domestic investment in the banking sector.

 The envoy noted that the delegation would be in Bulawayo today to meet up with players in the private sector.
 

The latest visit by the EIB delegation comes after the European bloc last year lifted sanctions imposed on Zimbabwe 13 years ago on allegations of human rights abuses.

The move paved way for the union to resume aid to hard-pressed Zimbabwe.

Earlier this year the EU gave Zimbabwe $270 million in development assistance, with most of the money expected to fund numerous projects which include health and the constitutional alignment

.

All the above was set of in November 2014 to fix investment law via Fix investment laws, EU tells Zim – DailyNews Live

This comes as the bloc is set to advance Zimbabwe $300 million in funding support after it lifted decade-long trade restrictions imposed on the southern African country  criticised for disregarding property rights and violation of bilateral investment promotion and protection agreements.

 In the recent past, Zimbabwe has experienced a significant slump in foreign direct investment.

Besides political instability at some point, investors were wary of the country’s indigenisation law, which compels foreigners to cede majority shareholding to black Zimbabweans.

In another development, which analysts said brought confidence in the country, a British business delegation visited Zimbabwe for the first time in nearly 20 years.