25 August 2017

Zimbabwe: Council Seeks to Borrow $100m

Photo: World Bank
(File photo).

Harare City Council is seeking permission to borrow $100 million through municipal bonds to finance various service delivery initiatives, which include housing schemes, clinics and a new sewer treatment works.

The council intends to make the application in terms of Section 290 (3) of the Urban Councils Act (Cap.29:15).

"Notice is hereby given in terms of Section 290 (3) of the Urban Councils Act (Cap.29:15), council resolved to borrow a sum not exceeding $100 million by way of Municipal Bonds for purposes specified hereunder," reads the notice.

According to the notice, the city intends to use $30 million to upgrade council houses in Geneva and Zororo (Highfield), Joburg (Mbare) and Tafara.

An additional $25 million will be used for the construction of Lyndurst Sewer Treatment Works.

The city also plans to shell out $15 million to replace water pipes, while $10 million will be reserved for upgrading sewer lines.

About $5 million is earmarked for a City Centre Maternity Clinic, and a similar amount will be reserved for city clinics.

Gazaland Home Industry, construction of Hatcliffe farmers market and Kuwadzana Home Industry will chew up $600 000, $700 000 and 900 000, respectively.

It is also estimated that the construction of Mufakose Home Industry and Mbudzi Roundabout Flea Market will cost $800 000 and $2 million in that order.

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