Staff Reporter

The SADC region is poised for significant economic transformation as investment and innovation are prioritized to leverage its vast natural resources.

Despite its rich endowment of mineral and industrial resources, the region has struggled to spearhead industrialization. However, Afreximbank has emerged as a pivotal partner, driving development through various initiatives.

Speaking at the SADC Industrialisation week (SIW) investment conference in Harare yesterday, Afreximbank Executive Vice President, Denys Denya, emphasized the bank's strategic role in addressing the industrialization challenges faced by the SADC region.

"The SADC region is not fully leveraging its vast mineral and industrial resources to drive industrialization. Afreximbank is stepping in to assist several SADC countries in financing industrial projects. Moreover, we are establishing a settlement payment system designed to serve African businesses, minimizing the need for foreign currency in transactions," remarked Denya.

African Continental Free Trade Area Secretary General, Mr. Wamkele Keebetswe Mene, emphasized the urgency of increasing regional trade.

“The region accounts for 55% of the world's diamond production and 75% of platinum group minerals. Yet, intra-African trade remains limited, hindering the region's growth.

"The need to increase intra-Africa trade is more urgent than ever as current statistics show that we are not trading with each other enough. SADC, as a regional block, is well-positioned to work together in devising ways to allow the free movement of goods and people to harness regional trade,” said Mene.

Afreximbank Group Acting Director for Trade Facilitation and Investment Promotion, Dr Gainmore Zanamwe, outlined the bank's supportive initiatives during the SIW conference.

"Some major projects Afreximbank has supported in the SADC region include the US$70 million financing and provision of investment guarantees that unlocked US$300 million for the ZimBorders project in Zimbabwe, and about US$100 million investment towards the Afreximbank African Trade Centre, which we are building here in Harare,” said Zanamwe.

As the SADC Industrialization Week progresses, further discussions are expected, including a session reviewing the implementation of the SADC Industrialization Strategy.

These deliberations aim to identify and address the region's challenges and opportunities, ensuring SADC can harness its vast resources and potential for sustainable economic growth and development.