IDBZ acquires more land for construction projects
The Infrastructure and Development Bank of Zimbabwe (IDBZ) has acquired significant pieces of land in the southern parts of Zimbabwe for the development of commercial and residential properties.
The projects aim to address the growing need for modern housing and essential services in the region. In the border town of Plumtree, the IDBZ acquired approximately 7,2 hectares of land and plans to construct block flats and a recreation center.
The development will include 81 properties, incorporating a medical facility and a preschool, catering for the needs of the local community.
“The designs for the properties will align with the council’s master plan for the town,” IDBZ southern region manager Mr Saxon Makwasha said during a tour of the bank’s projects by the board on Thursday last week.
Earlier, the board had toured its Willgrove housing project where IDBZ invested US$2,6 million to build 114 low-density residential stands ranging from 3 500 square metres to 900 sqm.
It also toured Esihlengweni Medical Centre in the Bulawayo central business district where it is leasing its property to diversified medical service providers and the Bulawayo Students Accommodation Complex.
The initial plan for the Plumtree project involved building a solar farm.
However, the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) requested IDBZ to also construct a transmission line stretching about 100 kilometers to Bulawayo to connect the solar plant to the grid.
But considering the cost of building such a power line, the project was deemed economically unfeasible.
Therefore, IDBZ switched gears and opted for a residential and commercial development project that aligns better with the town’s needs.
IDBZ also acquired land in Filabusi for the construction of residential properties.
The area has been incorporated into the Plumtree master plan and will become part of its central business district.
Previously, IDBZ had partnered with a farm owner on the Filabusi land, investing in its partial development.
However, due to perceived slow progress, the landowner opted to withdraw and the IDBZ was compensated with alternative land for their investment.
North of Bulawayo, the IDBZ plans a housing development on a 1,5-hectare plot. The project will feature 16 semi-detached duplexes, each accommodating two families and boasting dedicated entertainment areas.
Plans for a bio-digester are underway, further advancing the project’s sustainability goals. The units will be equipped with 5kva power systems, promoting clean energy.
Just outside Bulawayo’s central business district, along the Harare-Bulawayo Road, the IDBZ intends to construct a medical center alongside 11 duplexes, each housing two families.
The project will provide much-needed healthcare services and modern living options near the city center.
IDBZ chief executive Mr Thomas Zondo Sakala said the projects by the IDBZ signaled a significant investment in the development of Zimbabwe’s southern region.
He said the focus on modern housing and essential services promised to enhance overall living standards and economic opportunities.
“The positive collaboration with local authorities further strengthens the potential for successful project completion,” said Mr Sakala.
The board commended the management’s focus on addressing regional needs for housing and essential services.
“There are always impediments but we are happy to realise that a lot of work is being done,” Dr Norbert Mugwagwa said.
Mr Reginald Mugwara, a board member, noted the importance of viewing the bank’s role within the context of the State’s broader development goals.
He said the IDBZ functions as an institution that contributes to creating an enabling environment for successful development projects throughout the country.
Previously, the bank has been involved in infrastructure projects in sectors such as energy, transport and water and sanitation.
To reflect its broader mandate encompassing all economic sectors, the Infrastructure Development Bank of Zimbabwe has been renamed as the Infrastructure and Development Bank of Zimbabwe to allow the bank to play a more comprehensive role in driving economic growth.
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