A NEW political party formed by Zimbabweans in the diaspora, the Patriotic Zimbabweans (PZ), has proposed a financing strategy to revive the country’s deteriorating road, rail, aviation and health and sanitation infrastructure.
The party has developed, as part of its economic policy, a Zimbabwe diaspora bond for infrastructure restoration programme to offer an indigenous solution to capital projects in the country.
Party interim president Charles Muchineripi Mutama (46), who is based in the United States, said his party was development-oriented, hence the establishment of the Zimbabwe diaspora bond to economically empower citizens.
“Currently, the country’s public infrastructure such as highways, railways, aviation, dams, water supply and sanitation and medical facilities, among others, are in a state of disrepair or have collapsed,” Mutama said.
“The country’s infrastructure is in urgent need of rehabilitation in some cases and in others, a major overhaul. The party, will be administered in a fiduciary role by an internationally certified African financial institution,” he added.
“The Zimbabwe diaspora bond for infrastructural restoration and development will ameliorate the historical proclivity to depend on foreign aid resulting in generational debt as well as a tragic continuation of an extractive and exploitative role of our traditional creditors,” Mutama said.
“By their very nature, bonds are financial loans to a company or a government, and most bonds pay fixed interest overtime meaning that every Zimbabwean lender will benefit in this proposed mutually-beneficial process.”
“In Western nations, most capital projects and operations are financed in this way so the party is simply following precedence while giving Zimbabweans an opportunity to invest in their country of heritage,” Mutama said.
“In this mutually beneficial solution to Zimbabweans and the nation State, PZ proposes that this economic blue print needs to be tied with fundamental political reforms such as the enfranchisement of the diaspora among other key areas.”
Zimbabwe has an estimated four billion people working in the diaspora. In 2020, diaspora remittances helped drive foreign currency inflows to US$4,76 billion up from US$4,22 billion.
PZ was formed in January this year, drawing its membership from Zimbabweans living in South Africa, United Kingdom, United States, Australia and New Zealand.