$20m poured into IDBZ for projects

Published: 16 August 2017

THE Government has since January injected $20 million fresh capital into the Infrastructure Development Bank of Zimbabwe (IDBZ) to enhance its capacity in undertaking several projects across the country.

Recapitalisation of the IDBZ is being considered an important element that can create growth opportunities.

With the Government being the key shareholder in IDBZ, consideration on capital injection is a key element that has seen Treasury having injected an additional $20 million since January.

IDBZ chief executive officer, Dr Thomas Zondo Sakala confirmed to ZBC News that the institution was forging ahead to fulfil its mandate in identifying socio economic projects that require funding.

"Socio economic projects are always critical and we hope for the best as we seek to unlock more growth opportunities," he was quoted as saying.

The financing of key infrastructure developments within the economy is also an element that has seen the IDBZ engaging potential investors to raise more funds.

Last year, the infrastructure development bank announced that it had come up with a draft housing policy detailing guiding sector interventions aimed at easing the housing shortage in the country in line with Zim-Asset.

IDBZ policy strategy seeks to support Government's 2012 National Housing Development Programme target of providing 1.2 million serviced stands, by facilitating development of at least 5 000 serviced stands annually between 2015 and 2018.

The draft policy outlines plans to acquire land for housing development and funding mechanisms for the delivery of affordable units.

To deliver affordable housing units, IDBZ will seek to acquire land and development permits, extend financial and technical resources to payer in the sector, enter into partnership public or private players and assist bonafide co-operatives in housing projects.

IDBZ plans to acquire land from the State, local authorities, privately owned land by individuals or corporates with uncontested titles and development permits.

It will also seek to take advantage of land available through Government approved co-operatives and land held by financial institutions or development banks for housing development.
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