HomeNewsIDBZ disburses $120m for Zimbabwe government projects

IDBZ disburses $120m for Zimbabwe government projects

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THE Infrastructure Development Bank of Zimbabwe (IDBZ) has disbursed $120 million for government-funded projects for the year ending December 31, 2013 down from last year’s $158,3 million due to limited fiscal space and low market liquidity, an executive has said.

Report by Tarisai Mandizha
Business Reporter

IDBZ chief executive officer Charles Chikaura said the bank expected to remain profitable in light of the full subscription on the infrastructure bond of $30 million and full drawn of the Zimbabwe Economic and Trade Revival Facility (ZETREF) $10 million line of credit.

“The bank is assisting government in monitoring the implementation of a number of infrastructure projects and disbursements of funds to these projects,” he said.

Last year, IDBZ floated the $30 million bonds to fund the retrofitting of prepaid meters in homes and small institutions countrywide which were installed by the Zimbabwe Electricity Transmission and Distribution Company.

Chikaura said to date IDBZ had completed housing projects for Harare Willowvale flats, Carrick Creagh stand development, Sunway City stand development, Mutare Chikanga stand development phase two, Kwekwe Mbizo 22 stand development and Marondera-Lower Paradise Park stand development.

It has also completed Joshua Nkomo International Airport phase one, Mtshabezi Pipeline, Bubi-Lupane Dam, Wenimbi Pipeline, Mutoko water reservoir, Bulawayo water and sewerage rehabilitation, Morton Jaffray Power Augmentation, Norton and Harare Skyline roads dualisation, TelOne Optic Fibre Harare, Forbes Border Post and Transmedia base stations countrywide.

He said the remaining projects were university halls of residence in Bindura and Midlands State universities, Dzivarasekwa Housing infrastructure, Waneka phase two housing projects, Parkland Mews in Bulawayo, water infrastructure project for Gwai Shangani, Tokwe Murkosi, Marovanyati in Buhera, Mutange Dam in Gokwe, Beitbridge water supply and National Railway of Zimbabwe infrastructure rehabilitation sub projects.

Other remaining projects include work on Harare International Airport, Joshua Nkomo International Airport Phase two, local authorities water and sanitation project for Gwanda, Chinhoyi, Masvingo Rural District Council, Chiredzi, Chipinge, Gweru, Chiredzi, Hwange, Victoria Falls and also local authorities roads rehabilitation projects for Bulawayo, Chegutu and Masvingo.

Chikaura said in 2014 IDBZ was targeting to focus on all projects in government’s economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset). IDBZ’s main contribution to the success of Zim Asset is through resource mobilisation.

“We endeavour to assist all parastatals. Actual assistance depends on availability of funding. However, we anticipate total bond issues of $110 million in 2014 including the $60 million for Zimbabwe Power Company and Telone,” Chikaura said.

Chikaura said in 2013 government injected $3,5 million into the bank to further strengthen its capital position.

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