THE Infrastructure Development Bank of Zimbabwe (IDBZ) yesterday launched a Home Saver account that will see 707 stands being sold in New Marimba, a move that will ease the housing shortages.
IDBZ chief executive officer Charles Chikaura said the Home Saver account was designed to help Zimbabweans save towards the purchase of a residential stand or a house.
He said the account is expected to mobilise domestic savings and channel the resources towards the provision of decent affordable housing.
“Under the bank’s housing delivery strategy, funding raised through various financial instruments, including the Home Saver account, will be utilised to roll-out housing projects in Harare, Bulawayo, Gweru, Kadoma, Mutare, Chinhoyi, Kwekwe, Masvingo, Bindura and other urban centres,” Chikaura said.
Chikaura said the bank was aiming at delivering 30 000 units that include flats, houses and serviced stands by 2018 with an annual target of 5 000 units. He said the balance sheet of the bank has been strengthened due to the takeover of its legacy debt of $40 million by Zimbabwe Asset Management Company.
“However, realising the limitations on the domestic capital market, the bank will be looking at options to raise funding from external sources, particularly the South African market and the Diaspora,” he said.
Chikaura said the $65 million bond to fund projects in the energy sector received a good response.
“The $15 million bond for Zimbabwe Electricity Transmission Distribution Company has been fully subscribed and it is drawing using that account while the $50 million bond is still open. The response has been good and investors have a good appetite for IDBZ bonds,” he said.
IDBZ executive director for infrastructure projects, Desmond Matete said the stands in New Marimba will constitute both high and medium-density with 64 walk-in flats.
The high-density stands will be 300 square metres each while the medium-density stands will be 510 square metres each. The high-
density stands will cost $13 500 while the medium-density stands will cost $22 950.
Matete said home seekers who are interested can deposit $500 into the IDBZ account.
Zimbabwe has a housing backlog of 1,25 million units, a third of which is in Harare.
According to the new economic blueprint — the Zimbabwe Agenda for Sustainable Socio-Economic transformation — government plans to construct 125 000 housing units by 2018.
This would be attained through the provision of housing stands, strengthening of public-private sector partnerships and recapitalisation of the National Housing and National Guarantee Fund, among other measures.