IDBZ targets multi-million dollar projects in Zim

Published: 31 August 2017

The Infrastructure Development Bank of Zimbabwe (IDBZ) says it will start implementation of its multi-million dollar infrastructure development projects across the country in the second half of 2017.

Tendering and contract award process for the projects has already begun and are at advanced stages, according to board chairman Mr Willard Manungo.

These include Kariba housing development where the bank intends to develop 1 557 high, medium and low-density stands at Baobab, Batonga, Kasese and Kasese extension.

Part of the Kariba projects is earmarked for 391 families to be relocated from Mahombekombe where they are residing under a high voltage power line from the Kariba South power station. The families have been living in danger for 50 years.

In Hwange, IDBZ seeks to develop 2 135 high density stands under an for off-take corporate and employer-based housing schemes as well as create the necessary housing units for Hwange.

The housing projects are also in line with the country's economic blue print which seeks to address the country's housing deficit. The IDBZ also will develop 370 low density stands in Harare's Mt Pleasant.

"The demand for the stock of stands from this site remains very high with both local and diaspora home-seekers confirming offtake," said Mr Manungo.

Meanwhile, IDBZ recorded net profit for the half year to June 2017 jumped 16 percent to $196 572 compared to same period in the prior year.

Revenue for the period rose 40 percent to $4, 754 million from $3, 259 million achieved in the same period last year.

Total assets closed the period at $160 million, which was a marginal increase from $159 million recorded prior year comparable period.
- bh24

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