ZIMREF Receives Additional Financing From DFID

Stocks and Financial Services Press Releases Thursday March 22, 2018 09:52
HARARE--22 Mar--World Bank

HARARE, March 21, 2018 – Today, the Zimbabwe Reconstruction Fund (ZIMREF) received an additional GBP3 million ($4.2 million) from the UK's Department for International Development (DFID) to help strengthen the country's policy frameworks and delivery systems. The funds are in addition to the initial DFID contribution of GBP6 million ($8.4 million) to the Trust Fund in 2015.

Since its launch in 2015, ZIMREF has recorded significant progress against its stated goals of enabling stabilization and reform (through legislative and administrative reforms), development and poverty alleviation. To date, with ZIMREF's support, seven pieces of legislation have been ascended into law to improve the ease of doing business and modernize public procurement.

"We are pleased to be committing a further GBP3 million of UK support to ZIMREF. This will enable the World Bank to scale up technical advice to the Government of Zimbabwe as it takes forward its economic reform commitments to ensure economic recovery and a more prosperous future for all Zimbabweans," said Annabel Gerry, Head of DFID Zimbabwe.

The additional funding will provide for increased support to the Government in revising the Investment Law, supporting the Poverty Income Consumption Expenditure Survey (PICES), Agriculture Expenditure Review and support to the climate change; state-owned enterprises; and education sectors.

"We are grateful for the sustained support from DFID as this enables the Trust Fund to complete important work, such as PICES. It will be useful for tracking progress toward the elimination of extreme poverty and for achievement of other social development goals," said Mukami Kariuki, World Bank Country Manager in Zimbabwe.

ZIMREF is a World Bank-administered multi-donor trust fund that has received financial contributions and commitments from the Governments of Denmark, Norway, Sweden, Switzerland, the United Kingdom (from DFID), in addition to the European Union and the World Bank's State and Peace Building Fund.

The UK's Department for International Development (DFID) is working to support the poorest Zimbabweans as well as helping lay the foundations for a more prosperous, peaceful and democratic Zimbabwe, driving growth and poverty reduction. To find out more about what DFID's work in Zimbabwe visit: https://devtracker.dfid.gov.uk/countries/ZW


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