Zimbabwe economy: GDP, Nigerian investors, Econet broadband uptake

Written by Editor Thursday, 04 November 2010 14:44

A roundup of the latest Zimbabwean economic news.

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Zimbabwe GDP

Zimbabwe's economy is on track to grow by 8.1 percent this year and close to 10 percent in 2011, the finance minister said on Thursday.

Zimbabwe was battered by a decade of economic contraction and hyperinflation, which reached 500 billion percent in 2008 at the peak of the country's political and economic crisis.

The country's economy has begun to recover after a unity government set up last year dumped the worthless local currency for foreign currencies and after a revival in the agriculture sector.

"We are on track (for 8.1 percent). Poised for 10 percent next year," Finance Minster Tendai Biti told Reuters on the sidelines of a conference in Johannesburg.

Nigerian investors

A Nigerian delegation of investors is expected in Zimbabwe next week to meet government officials
over the funding of Kunzvi Dam in Murewa. Water Resources Development and Management Minister Sam
Sipepa Nkomo said they wanted to look at the possibility of completing construction as soon as possible.

Council officials and experts have touted the dam as a long-term solution to Harare’s water problems. The dam should also be able to supply Ruwa, Norton and Chitungwiza – Herald,

Econet broadband

Econet has reported a ‘better-than-expected’ response to its newly launched broadband service with more than 100 000 subscribers being connected in the first month of launch.

The company, Zimbabwe’s largest mobile phone operator, launched the US$100 million nation-wide broadband service last month with chief executive Douglas Mboweni describing it as the
most ambitious project undertaken by the Econet since its launch in 1998.

In a statement released this week Econet said the broadband service and Ecolife - a life assurance product jointly run with First Mutual Life Assurance company - were doubling subscriber numbers each week.

 

 

 

Zimbabwe GDP

Zimbabwe's economy is on track to grow by 8.1 percent this year and close to 10 percent in 2011, the finance minister said on Thursday.

Zimbabwe was battered by a decade of economic contraction and hyperinflation, which reached 500 billion percent in 2008 at the peak of the country's political and economic crisis.

The country's economy has begun to recover after a unity government set up last year dumped the worthless local currency for foreign currencies and after a revival in the agriculture sector.

"We are on track (for 8.1 percent). Poised for 10 percent next year," Finance Minster Tendai Biti told Reuters on the sidelines of a conference in Johannesburg.

Nigerian investors

A Nigerian delegation of investors is expected in Zimbabwe next week to meet government officials
over the funding of Kunzvi Dam in Murewa. Water Resources Development and Management Minister Sam
Sipepa Nkomo said they wanted to look at the possibility of completing construction as soon as possible.

Council officials and experts have touted the dam as a long-term solution to Harare’s water problems. The dam should also be able to supply Ruwa, Norton and Chitungwiza – Herald,

Econet broadband

Econet has reported a ‘better-than-expected’ response to its newly launched broadband service with more than 100 000 subscribers being connected in the first month of launch.

The company, Zimbabwe’s largest mobile phone operator, launched the US$100 million nation-wide broadband service last month with chief executive Douglas Mboweni describing it as the
most ambitious project undertaken by the Econet since its launch in 1998.

In a statement released this week Econet said the broadband service and Ecolife - a life assurance product jointly run with First Mutual Life Assurance company - were doubling subscriber numbers each week.