UPDATE 1-Zimbabwe on track to grow 8.1 pct this year -finmin

* Economy to grow close to 10 pct in 2011

* Over $1 bln foreign investment since January 2009

(Adds Biti quotes, background)

JOHANNESBURG, Nov 4 (BestGrowthStock) – 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.

Biti told conference delegates earlier that Zimbabwe had
approved 1.1 billion dollars in foreign investment in the period
January 2009 to May 2010 for 199 projects in the country with 90
percent of those in the mining sector.

“This train is moving”, he said, referring to the economy.

Biti also said Zimbabweans living abroad had shown strong
interest in a $50 million diaspora bond planned by the
government.
(Reporting by Ed Cropley; Writing by Marius Bosch; Editing by
Matthew Tostevin)

UPDATE 1-Zimbabwe on track to grow 8.1 pct this year -finmin