Bulawayo City Council partners CBZ to service 670 stands Bulawayo City Council and CBZ Holdings yesterday signed a memorandum of understanding for the implementation of Mahatshula East Housing project. In the picture acting Mayor Councillor Norman Hlabani exchanges documents with CBZ Holdings Divisional Director Mortgage Finance Mr Casper Chibanga at the council chambers yesterday. ( Picture Eliah Saushoma)
Bulawayo City Council and CBZ Holdings yesterday signed a memorandum of understanding for the implementation of Mahatshula East Housing project. In the picture acting Mayor Councillor Norman Hlabani exchanges documents with CBZ Holdings Divisional Director Mortgage Finance Mr Casper Chibanga at the council chambers yesterday. ( Picture Eliah Saushoma)

Bulawayo City Council and CBZ Holdings yesterday signed a memorandum of understanding for the implementation of Mahatshula East Housing project. In the picture acting Mayor Councillor Norman Hlabani exchanges documents with CBZ Holdings Divisional Director Mortgage Finance Mr Casper Chibanga at the council chambers yesterday. ( Picture Eliah Saushoma)

Auxilia Katongomara, Chronicle Reporter
THE Bulawayo City Council (BCC) has partnered the Commercial Bank of Zimbabwe (CBZ) to service 670 housing stands in Mahatshula East suburb in a $7 million project.

Speaking during the signing of a Memorandum of Understanding (MoU) between the two parties in council chambers yesterday, acting mayor, Councillor Norman Hlabani, said the local authority recognises the importance of Public Private Partnerships.

“The signing of the Memorandum of Understanding today between the City of Bulawayo and the Commercial Bank of Zimbabwe showcases our commitment towards efficient and effective service delivery,” said Clr Hlabani.

He said the project would deliver 670 medium density stands measuring 600 square metres each serviced with water, sewer and tarred roads.

Clr Hlabani said council remains committed to reducing the city’s housing backlog which currently stands at 115 000.

“We are also committed to achieving the infrastructure development and housing delivery targets set out in the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset),” he said.

Clr Hlabani said council was optimistic that the partnership with CBZ would yield positive results and lead to future projects aimed at providing affordable housing of high standards for Bulawayo residents.

He said the project would be implemented through a Special Purpose Vehicle (SPV) that would provide both the BCC and CBZ with shareholding arrived at on the basis of contributions made towards the project.

“This will form equity contribution into the project. The operations and daily management of the SPV shall be through a specially constituted project team with personnel drawn from BCC and CBZ,” Clr Hlabani said.

BCC Acting director of Housing Services, Mr Dictor Khumalo, said the partnership with CBZ is part of the local authority’s thrust to provide 3 000 units per annum.

CBZ Divisional director, Mortgage Finance, Mr Casper Chibanga, said the signing of the MOU signifies the financial institution’s commitment to contribute positively towards national housing delivery.

“This MOU comes barely a week after the CBZ bank commissioned and sold out more than 1 000 fully serviced residential stands in Victoria Falls.

This was also in addition to the group’s various ongoing completed and currently selling houses across the country,” said Mr Chibanga.

He said they have projects in Mutare, Harare, Marondera and Gweru.

Mr Chibanga said CBZ Holdings supports Government’s drive to put a “roof on everyone’s head”.

“I am proud to inform you that the CBZ Group has a clearly defined roadmap that spells its participation in the housing and infrastructure projects, in particular, the group deliberately designed its solutions that meet the financial capacities of its wide preferences and financial capabilities of its various customers,” he said.

Mr Chibanga said after servicing of the stands, the BCC would facilitate their acquisition by people on its housing waiting list. — @AuxiliaK.

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