The Infrastructure Development Bank of Zimbabwe (IDBZ) is set to commence the construction of its housing project in Kariba after concluding an agreement with the contractor, Masimba Construction (Private) Limited.
BY FIDELITY MHLANGA
IDBZ will be constructing Lot 1 Baobab and Lot 2 Batonga in Kariba. After commencement, the project is envisioned to be complete within 79 days.
“Further to approvals granted by the board of directors of the Infrastructure Development Bank of Zimbabwe to undertake Kariba Housing Development Projects KHDP, we are pleased to advise that the bank has now concluded an agreement with Masimba Construction (Private) Limited for the Kariba Housing Development Project KHDP Lot 1 Baobab and Lot 2 Batonga in Kariba.”
It is understood the contractor was in the process of mobilising for commencement of civil works at the identified project sites, with the project expected to be completed within a period of 79 days.
In its financial results for the six months ended June 30, IDBZ said the Kariba Housing Development Project involved the development of 1 557 high, medium and low density residential stands at Baobab, Batonga, Kasese and Kasese Extension at an estimated total cost of $14,8 million.
At the unveiling of the IDBZ’s Marimba Park Project in Harare in February this year, IDBZ CEO Thomas Sakala said government approved capital-raising initiative to raise $100 million from the local market to finance projects in the housing sector.
“They have given the bank approval to raise $100 million from the local market, over a five-year period, for investment into the housing sector,” Sakala said then.
In April this year, Sakala told NewsDay on the side lines of the release of the bank’s 2016 financial results they would seek foreign shareholding to attain a $250 million equity capital from partners such as the Development Bank of Southern Africa by year-end.