By Natalie Chinyoreso

The Common Market for Eastern and Southern Africa (COMESA) is set to unveil a US $15 million facility to Zimbabwe and Zambia in order to fund industrialisation programmes in the two countries, The Harare Post has learnt.

An official from the Ministry of Industry and Commerce confirmed the information and revealed that the funding is set to be received through the African Development Bank with the intention to boost intra-COMESA trade.

“Zimbabwe and Zambia is set to benefit from a US$15 million facility from COMESA. This facility will be received through the African Development Bank with the aim of funding industrialisation programmes in the country,” said the official.

The official added that, “COMESA is seeking to boost intra-COMESA trade from 10% to 20% by 2026 through trading manufactured products.

“These two countries (Zimbabwe and Zambia) are already cooperating in a number of sectors such as generation of power at Kariba Dam, the upcoming Batoka Hydro Electric Power station and joint tourism programme for the Victoria Falls,” he added.

The move by COMESA compliments the existing cooperation between the two SADC states which is in line with Africa Continental Vision by 2063. The corporation will ensure the countries utilise natural resources, create synergies in resource utilisation, improve competitiveness and reap the benefits of economies of scale.

The move by COMESA also compliments President Emmerson Mnangagwa’s vision for the 2030 middle income economy while strengthening the re-engagement and engagement process.