Gweru-based new property development company, Zimbuild, has partnered with CBZ and BancABC banks in its residential and other construction projects, with the financial institutions providing insurance and monetary support, respectively, a company executive has said.
BY STEPHEN CHADENGA
Zimbuild chief executive officer, Tinashe Manzungu said CBZ partnered with his company to provide insurance cover to clients in the event of risks such as death, permanent disability, injury and illness.
“Through the CBZ credit insurance scheme package, the bank takes over the balance for residential stands costs in the event that a Zimbuild client dies,” he explained at the Zimbuild official launch in Gweru last week.
“CBZ also takes over the balance in the event of permanent disability of our clients, while in cases of temporary disability, the bank will pay for monthly subscriptions towards on contributions to the cost of the stand.”
Manzungu said his company partnered with BancABC, which provides financial support for its school development construction projects.
Zimbuild has embarked on school development projects by building early childhood development blocks at various schools in Gweru.
Besides the school projects, BancABC also provides finance for churches and other corporate construction projects being undertaken by Zimbuild.
Speaking at the launch, BancABC Gweru branch manager, Goodman Mudzviti said his bank provides free banking to schools, lease finance facilities and money for borehole drilling at schools.
“Schools can also approach BancABC for finance for a period of five years for 15 years, while Zimbuild clients can get mortgage finance for a period of 10 years at nominal rates,” he said.
Manzungu said Zimbuild took into consideration the hard economic conditions and current liquidity crunch to offer stands to clients at zero deposit.
To date the company has provided more than 700 stands in Montrose suburb in Gweru.