Home » General » Zimbabwe Woos BRICS to Finance Projects

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.

Zimbabwe has largely relied on funding from Asia, particularly China to finance a number of projects.

Meanwhile, Mujuru defended the idea of capping parastatal executives’ salaries adding their incomes were not consumarate with service provision.

The ZimAsset blueprint seeks to revitalize an economy that has seared under a plethora of problems.

Zimbabwe has capped parastatal bosses’ salaries at $6 000 a month after it was discovered that some were earning as much as $250 000 at a time when their companies were performing below par.

“To make matters worse while company executives were living in luxury, the shop floor workers were wallowing in poverty,” she said.

Source : CAJ News Agency