The African Capacity Building Foundation says it extended $1,3 million to Zimbabwe last year to foster regional integration and economic research and $20 million for project development.
ACBF executive secretary Emmanuel Nnadozie told a press briefing after a signing ceremony of a memorandum of understanding with United Nations Economic Commission for Africa (UNECA) that the foundation had extended support to the foreign affairs ministry for regional integration and to the country’s economic think tank, the Zimbabwe Economic Policy Analysis and Research Unit.
“We have spent close to $1,3 million (in 2014) for projects in Zimbabwe and if you look at the total amount for projects that we have spent, it’s about $20 million,” Nnadozie said.
He added that while a plunge in oil prices would stimulate economic growth for importing countries, the fall, if prolonged may slow down regional growth for economies dependant on primary commodities. Deputy executive secretary of UNECA Abdalla Hamdok said the partnership with ACBF would among others cover capacity development issues which include transformative leadership, tracking, stopping and returning illicit financial flows and conflict resolution.
ACBF, the continent’s capacity building institution was established in 1991 and currently has 45 member states.
The foundation is funded by African Development Bank, the United Nations Development Programme, the World Bank and the International Monetary Fund. -The Source