Friday, 10 October 2014

Infrastructure development critical for socio-economic growth

INFRASTRUCTURE DEVELOPMENT is a critical prerequisite for countries that want to grow their economies and improve the livelihood of their citizens.

This was said by the Infrastructure Development Bank of Zimbabwe (IDBZ) at the ongoing Zimbabwe Mining and Infrastructure Indaba, which runs from 8-10 October in Harare, Zimbabwe.

“Infrastructure is a key enabler for efficient resource allocation and export growth,” IDBZ director for infrastructure projects, Des Matete said.

He added that Zimbabwe and other countries in Africa may address issues of poverty if more investment is channelled towards infrastructure development.

For example, seamless and sound infrastructure such as road and rail will promote the smooth movement of goods, services and people from one place to another.

Better water infrastructure including pipes and water storage reservoirs also have the capacity to improve access to safe water, which is a critical need for most citizens.

“It has been proven beyond doubt that infrastructure development is highly effective to combat poverty,” Matete said.

He said infrastructure connects domestic market of commodities and credit to international markets including financial markets.

For countries such as Zimbabwe, which is vast with minerals resource, sound infrastructure has the capacity to improve the country’s competitiveness, attracting foreign direct investment.

Most investors have cited poor infrastructure networks in developing countries as a hindrance in their investment plans, hence there is need for developing nations to invest more in the sector. Read More....

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