Staff Reporter
Cabinet has approved the implementation of the Mosi-oa-Tunya Development Company Feasibility Study on the Development of the Masuwe Special Economic Zone.
Speaking during the Sixth Post Cabinet Brief, Acting Minister of Information, Publicity and Broadcasting Services, Jenfan Muswere stated that the Masuwe area had been declared a Special Economic Zone in order to ensure that the project raises funds for self-financing.
The Minister stated that the company subsequently entered into a Joint Venture Partnership with Old Mutual Life Assurance Company for financing a Feasibility Study for the development of backbone infrastructure for the Masuwe Special Economic Zone, measuring 1 200 hectares, and is set to be constructed in two phases.
“Cabinet is informing the nation that project implementation shall be rolled out in two phases. Phase One entails construction of bulk water supply systems for the entire Masuwe Special Economic Zone and development of internal water, sanitation, roads and storm water drains at an estimated total cost of US$120 million.
“Phase two will witness the development of the remaining 930 hectares at approximately US$85 million. The overall estimated project implementation period is 24 months,” said Minister Muswere.
He further informed the nation that Old Mutual Life Assurance Company would construct a 4-star hotel with a 5 000-seater conference facility, medical tourism facilities, a golf estate and a shopping mall on land which Government would allocate and that the project would comply with all relevant environmental statutes, including the use of solar to provide clean energy.
Meanwhile, the feasibility study appraisal indicated that the development project is viable, with an acceptable profit margin of US$57 696 447.00 which is 15.5% and 18.2% of gross development value and development cost, respectively. Furthermore, the move by the Mosi-oa-Tunya Development Company to Victoria Falls is expected to accelerate project implementation and promote tourism development in the greater Victoria Falls.
