Published by the government of Zimbabwe
4 December 2008
Harare — THE Industrial Development Corporation has called on its fellow investors in the Corridor Developments Pvt Ltd, a Special Purpose Vehicle (SPV) for developing the Beira Corridor, to re-enact the company, which has been dominant for the past year.
In his statement accompanying the corporation's annual report, IDC's general manager, Mr Mike Ndudzo said other institutional investors in the company ZIMRE Holdings Limited and Unibank Holdings (Private) Limited need to redefine the company's business in order to give it fresh impetus.
The Corridor Developments (Private) Limited had an investment portfolio on the Zimbabwe Stock Exchange valued at $6,1 billion as at 5 March 2008, subject to verification of the existence of share certificates.
The Beira corridor which stretches from the eastern border city of Mutare to Mozambique's eastern port of Beira offers the shortest route to the sea for all Zimbabwean goods as opposed to Durban South Africa route.
Despite the vast opportunity and the cost effectiveness of using th e route not much has been done to ensure development along the corridor.
This is despite the signing of the Beira Development Corridor Agreement in Beira on 21 December 2007 between Zimbabwe and Mozambique governments.
The agreement envisages development of a transport corridor as a spatial development initiative.
The port of Beira, which had been shunned by many ships because of its underdevelopment, is currently undergoing massive transformation after the Mozambican authorities handed over control of the port to a private company.
The development is expected to see the port being transformed into one of the busiest in the region and the onus is on Zimbabwe to ensure that infrastructure such as roads is attended to as soon as possible. Currently the bulk of fuel that comes into the country is transported via Beira port and the Beira Corridor.
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