IDBZ mobilizing $35m for students residences

Published: 06 September 2017

THE Infrastructure Development Bank of Zimbabwe (IDBZ) has started mobilising $35 million needed to finance the first phase of constructing student accommodation at State universities.

The total cost of the students accommodation project, which is to be implemented in phases, is $75 million.

The university student accommodation project is expected to ease accommodation challenges at State universities such as the National Science and Technology, Bindura University of Science Education, Chinhoyi University of Technology, Great Zimbabwe University and Lupane State University.

On completion, the project is expected to provide accommodation for 6 412 students, a move that will cut student accommodation challenges by 22 percent.

"The bank is currently in the market mobilizing funding to implement phase 1 of the USSAP project which will involve construction of student halls of residence for NUST, BUSE and Lupane State University," said IDBZ chairman Mr Willard Manungo.

Altogether, the universities boast a student population of 34 300, but only 5 600 or 16,3 percent are residents.

Student accommodation at the country's universities has been a challenge with the ballooning student population in recent years.

But Government has stepped up efforts to improve the situation through engagement with financial institutions for infrastructure development.

Another financial institution, CBZ Holdings won a tender to raise $2 billion for development of universities infrastructure ranging from libraries, laboratories and student accommodation facilities. Indications from CBZH are that the project is now at feasibility stage.
- bh24

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