by Rudo Saungweme
The Infrastructure Development Bank of Zimbabwe (IDBZ), has embraced the SADC Industrial Development Strategy, the African Union Agenda 2063, and the UN Sustainable Development Goals as it thrives to contribute towards the country’s developmental agenda by spearheading infrastructure development projects in the areas of Energy; Transport, Water and Sanitation; ICT; and Housing among others
In a press statement, IDBZ Chairman, William Manungo, said “it is pleasing to note that, His Excellency, President E.D Mnangagwa has already set the tone and laid a strong foundation for advancing the rebuilding and transformation of the country to become an “Upper Middle Class Economy by 2030”, which in turn will require that we accelerate infrastructure development, which is a key enabler in the facilitation of sustainable and inclusive social and economic development.
Manungo added saying, “the recent equity capital injection of US$150million by the Government of Zimbabwe, through the Ministry of Finance and Economic Development, has significantly strengthened the Bank’s capital base and has set the Bank on a solid path to champion infrastructure development in the country.”
IDBZ played an integral part in the completion of a number of projects such as the completion of the Tugwe-Mukosi Dam construction; completion of the outstanding works for the Kariba South Hydro Station Extension Project and also raised funds for the following housing projects, New Marimba, Clipsham Views in Masvingo; Empumalanga West in Hwange and Kariba Housing Projects.
“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 towns, also embracing Lupane, Gwanda, Zvishavane, Plumtree, Gweru and Mutare,” said Chairman Manungo.
The Bank has managed to achieve a full year profit of just under US$1 million for the past year ending 2017, and this is expected to grow to US$1.5 million this year.
