IDBZ splashes US26,3 m on projects

The Infrastructure Development Bank of Zimbabwe (IDBZ) chief executive officer (CEO), Thomas Sakala, says the bank has a robust pipeline of projects with US$26,3 million worth of projects added to the bank during the half year to June 30, 2022.

These projects are the US$7,2 million Tjindule Cluster Homes and Solar, the Selbourne Hostels worth US$0,25 million, Killarney Cluster Homes and Plumtree Plaza with an estimated worth of US$4 million and US$4,85 million respectively.

“The bank is working on a robust pipeline of projects, by continually adding new projects. Pursuant to that, projects with an estimated value of US$26,3 million were committed to the bank’s project pipeline during the first half of 2022,” he said in an operations review for the half year period.

The bank was not immune to the challenging economic environment with liquidity problems experienced during the first half of the year. Despite the headwinds, IDBZ disbursed US$0,21 million towards project preparation activities.

According to the bank, an equivalent of circa US$0,11 million was disbursed from the bank’s project preparation and development fund (PPDF) and an equivalent of US$0,1 million for irrigation projects and disbursed from the PPDF.

Disbursements from the bank were for projects such as the student accommodation at Chinhoyi University of Technology, Getjenge Housing in Plumtree, the Spitzkop housing in Gwanda, Marimba Flats in Harare, Kadoma cluster homes as well as Lupane and Kwekwe students’ accommodation.

During the period under review, the bank also managed to raise an equivalent of US$7,55 million towards project implementation at the ongoing Bulawayo Students Accommodation Complex Project(BSAC) and the Waneka Phase three housing project.

By end of the half year period, IDBZ had commenced work on the implementation finance for the Rooiport housing project in Chivhu and Lupane Students Accommodation Complex (LUSAC).-ebusinessweekly