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Prosper Ndlovu Business Editor
AN off-shore lending firm from Dubai, Elbygare Global (Pvt) Ltd, has approached the Bulawayo City Council seeking partnership in development projects covering a range of economic and infrastructure ventures.

The council’s director of financial services, Kempton Ndimande, confirmed the local authority had received a letter of expression for the partnership.

Elbygare Global is incorporated in Dubai as an off-shore lending company.

“We’ve identified your council as a potential client where we’re prepared to look at the following projects: land development up to housing solutions, roads upgrade and maintenance, water and sewerage reticulation projects, energy development solutions and income generating projects finance,” reads part of the letter dated April 12, 2015 from the company, which is annexed in the council’s latest report.

“We believe that council has unlimited needs and we want to be part of the financial solution. Our finance models are project specific hence we offer both short and long term finance.”

Elbygare Global pledged to provide support to the city council for more than five years with specific project costs that are comparable to multi-lateral institutions rates.

The multi-lateral institutions rates are pegged at around five percent per annum. Ndimande recalled that council had granted its officials mandate to engage external financers to raise capital funds for financing water and waste water projects.

He said other financial institutions that had access to off shore funds that attracted low interest rates with a longer tenure might offer such funding to council.

The local authority is struggling to meet its service delivery mandate due to limited revenue inflows in the wake of a poor economic environment.

City fathers resolved to engage Elbygare on possible financing of council projects and gave council officials the mandate to engage any financial institution that may offer funding to the local authority on competitive terms.