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The African Development Bank will be raising over US$3.5 billion in compensation payments to white farmers who lost land and other assets in Zimbabwe
The African Development Bank will be raising over US$3.5 billion in compensation payments to white farmers who lost land and other assets in Zimbabwe. This was stated by the bank’s president Akinwumi Adesina, while speaking during a press conference in Harare.
The new proposal is to raise the required resources from the capital market so that it would not add to the debt burden of Zimbabwe. No further details regarding when the required resources will be raised, details of the financial tool to be deployed, etc are not revealed by the AfDB chief.
It may be recalled that Zimbabwe agreed in 2020 to compensate local white farmers whose land was taken by the government from 2000 onwards to resettle Black families.
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Undeniably, this was one of the most divisive, yet popular policies of the Robert Mugabe era. A few African countries have been trying to follow this model, but not much success was achieved in the process. The land takeover had triggered a spate of Western sanctions and isolation against Zimbabwe, which has had a heavy toll on the southern African country’s financial resources. There is an organized effort on the part of the African Union and other organizations to lift the sanctions on the plea that its ill effects fall mostly on common people.
