SADC Pledges $8.3b Support for Zimbabwe

(PANA)--The Southern African Development Community (SADC) has said it will help Zimbabwe raise $8.3 billion from international donors to repair its battered economy.

The 14-nation group said at a summit Monday in Swaziland that member countries would also contribute to the proposed aid package, and South Africa immediately pledged $30 million to kick-start the effort. Zimbabwe, whose economy was battered by years of ruinous economic policies and corruption, is seeking massive capital injections from donors after it formed a coalition government last month, which included the opposition.

SADC brokered the power-sharing agreement between President Robert Mugabe and the opposition, and pledged to mobilise economic support for the country as part of the deal. Together with the African Union, the group also agreed to act as co-guarantor of the power-sharing arrangement.

At Monday’s meeting, SADC agreed to approach international donors for aid on Zimbabwe’s behalf seeking aid, and a lifting of sanctions some of them had imposed on the country over human rights concerns. South Africa, specifically, will do so at the upcoming G20 meeting in London on Thursday. Some donors have began warming up to Zimbabwe again after the coalition government was formed, with Australia, Denmark, the World Bank and Sweden being the first ones to resume aid to the country.

South Africa said at Monday’s meeting in Swaziland that additional support would be provided to Zimbabwe in the form of credit lines via banks. Other SADC members said they would announce their contributions in the next two weeks. Zimbabwe is looking for up to $10 billion in long term financial assistance to get its economy back on track.

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