19 September 2017

Zimbabwe: Idbz, Masimba in Partnership

The Infrastructure Development Bank of Zimbabwe (IDBZ) has partnered listed construction firm, Masimba Holdings, for the development of its residential projects in Kariba. THE bank intends to develop 1 557 high, medium and low density residential stands in Baobab, Batonga, Kasese and Kasese Extension as part of efforts to narrow the country's ballooning housing deficit.

IDBZ indicated it would start the implementation of its mega infrastructure projects across the country in the second half of the year.

As part of the implementation programme, IDBZ has contracted Masimba Holdings for the project.

"Further to approvals granted by the board of directors of IDBZ to undertake Kariba Housing Development Projects (KHDP), we are pleased to advise that the bank has now concluded an agreement with Masimba Construction for the KHDP - Lot one Baobab and Lot two Batonga in Kariba.

"The contractor is in the process of mobilising for commencement of civil works at the identified project sites with the projects expected to be complete within a period 79 days from commencement date," said IDBZ.

Part of the Kariba housing development projects are earmarked for the relocation of 391 families at Mahombekombe who have been residing under a high voltage power line transmitting electricity from the Kariba South power station to different parts of the country.

Apart from the Kariba projects, IDBZ is also working on other residential projects in Hwange where it seeks to develop over 2 000 high density stands which will be for off-take through various corporate and employer-based housing schemes as well as create the necessary housing units for Hwange.

The housing projects are also in line with the country's economic blue-print, Zim Asset, which seeks to address the country's housing deficit.

The national housing deficit is currently estimated at 1, 2 million units and Government is working with various stakeholders in the housing development sector in an effort to provide decent and affordable housing solutions for Zimbabweans.

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