Zimbabwe: Idbz Acquires Property, Land Worth $7,3m

4 September 2018

The Infrastructure Development Bank of Zimbabwe (IDBZ) says it has acquired land and properties worth $7,3 million for the development of already identified future infrastructure projects.

The State-owned infrastructure development bank said this comes after it received approval for budget allocation of $10 million to be expended on acquisition of land for infrastructure development.

The land acquisition investments are spread across the country in places such as Kanyemba, Plumtree, Lupane, Gwanda, Bulawayo, Masvingo, Kwekwe, Zvishavane, Marondera and Harare.

"Significant progress in preparatory work has been achieved towards developing projects to bankability stage. An estimated upward figure of $79 million worth of projects is expected to be approved for implementation by year end," IDBZ chief executive Thomas Sakala said.

Mr Sakala said projects to be approved for implementation included hydro and solar energy projects and tertiary students accommodation in Chinhoyi, Harare, Bindura, Lupane and health personal accommodation in Harare, Bulawayo Marondera, Lupane and Masvingo. During the period under review, the bank embarked on the execution of two projects; both earmarked for completion before the end of this year. These are Kariba housing projects (Baobab, Kasese and Batonga) worth $14,8 milion and Hwange Empumalanga Housing Project worth $5,8 million.

"Going forward, it is also pleasing to note that most of the coming infrastructure projects are now being developed to full bankability, with the Bank targeting the implementation of additional projects in other towns, also embracing Lupane, Gwanda, Zvishavane, Plumtree, Gweru and Mutare," chairman Willard Manungo said.

He said the recent equity capital injection of $150 million by the Government, through the Ministry of Finance and Economic Development, had significantly strengthened the Bank's capital base and has set the Bank on a solid path to champion infrastructure development in the country.

"This should capacitate the bank to continue making tremendous contributions towards complementing Government initiatives in the implementation of various projects, focusing on expeditious completion of ongoing infrastructure projects so that they begin contributing to the revival of the economy," said Mr Manungo.

In this regard, the bank played different critical roles to ensure successful completion of the projects that include additional funding of over $75 million for the successful completion of the Tugwi-Mukosi Dam construction.

IDBZ also issued energy bonds worth $50 million to help fund outstanding works for the Kariba South hydro power station extension project, successfully raised over $45 million for the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) prepaid metering system.

Further, IDBZ raised funding for the following housing projects: New Marimba Housing Project in Harare, $2,8 million, Clipsham Views in Masvingo, $6,4 million, Empumalanga West in Hwange, $5,8 million and Kariba housing projects in Kariba, worth $14,8 million, among others

Mr Sakala IDBZ will remain proactive and responsive to the developmental challenges facing Zimbabwe.

"It will strive for even greater achievements in harnessing partnerships for infrastructure rehabilitation, expansion and national socio-economic transformation as we approach the end of our current strategy in 2020," Mr Sakala.

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