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Willard Manungo

Business Reporter
THE Infrastructure Development Bank of Zimbabwe (IDBZ) has mobilised $8.1 million through private placement of housing bonds and would before the end of the year roll out massive housing development projects across the country.

In its financial statement for the half year ended June 30, 2017, IDBZ chairman, Mr Willard Manungo, indicated that the funding would be part of the bank’s major projects, which dovetail with the country’s infrastructure development thrust.

Targeted projects include the Kariba housing development project, University Students and Staff Accommodation Programme (USSAP), Sumben housing project in Harare, and Empumalanga West housing scheme in Hwange.

“The bank, has to date, mobilised $8.1 million through private placements of housing bonds for use towards implementation of the aforementioned housing projects and will put on public offer the balance of the funding requirements early in the second half of the year,” he said.

IDBZ has started implementing the aforesaid housing projects, whose tendering and contract award processes for civil works were at an advanced.

The Kariba housing development scheme, which will cost $14.8 million involves the construction of 1 557 high, medium and low density residential stands at Baobab, Batonga, Kasese and Kasese Extension sites in Kariba.

“Apart from contributing to the reduction of the national housing backlog in line with Zim-Asset, these projects will have the following impacts: fulfill the staff housing needs for the Zimbabwe Power Company to accommodate employees for the expanded Kariba South Power Station (Units 7 and 8); the Kasese phase will cater for the relocation of 391 families at Mahombekombe,” said Mr Manungo.

He said Empumalanga West project in Hwange targets to develop 2 135 high density residential stands at an estimated cost of $5.8 million.

The stands will be for offtake through various corporate and employer-based housing schemes as well as create the necessary housing units for Hwange town ahead of the completion of Unit 7 and 8 for ZPC and the ongoing Hwange Colliery Company Limited turnaround programme.

Mr Manungo said the USSAP will be implemented in phases and the project seeks to accommodate 6 412 students covering seven universities in Zimbabwe at an estimated cost of $75 million.

“The bank is currently in the market mobilising funding to implement Phase 1 of the USSAP project which will involve construction of student halls of residences for National University of Science and Technology, Bindura University of Science Education and Lupane State University,” he said.

The Sumben housing project in Harare, he said entails servicing of 370 low density residential stands with an average size of 2 000 square metres at an estimated cost of $12.1 million over a 20-month period.

Mr Manungo also indicated that during the period under review, IDBZ made significant milestones on its mandate.

“The New Marimba housing project in Harare was completed and delivered 357 high and medium density residential stands which were handed over to beneficiaries at an official ceremony in the first quarter.

“Furthermore, the implementation of the Clipsham Views housing project in Masvingo, which yielded 704 fully serviced low density residential stands and 69 commercial and institutional stands, was completed and handed over in July,” he said.