FINANCIAL closure has been achieved for the upgrade and modernisation of the Chirundu Border Post, paving the way for construction of a project expected to boost trade and regional connectivity.
The project is being led by Standard Bank of South Africa and Stanbic Bank Zimbabwe, which are acting as lead arrangers and lenders.
The initiative is structured as a Public Private Partnership (PPP) between the Government of Zimbabwe and the Chirundu Border Consortium (CBC), with the funds secured set to finance the upgrade, modernisation and operation of the Chirundu One-Stop Border Post on the Zimbabwean side.
Transport and Infrastructural Development Minister Felix Mhona said the project would play a key role in improving trade facilitation and strengthening Zimbabwe’s position along the North-South Corridor.
“The modernisation of Chirundu Border Post will improve trade facilitation, strengthen regional connectivity and enhance the efficiency of the North-South Corridor. We now look forward to the commencement of construction and the successful delivery of this important national project,” he said.
Stanbic Bank Zimbabwe chief executive Solomon Nyanhongo said the bank remained committed to supporting national development through partnerships with government, businesses, development finance institutions and other stakeholders.
“Stanbic Bank Zimbabwe welcomes the successful achievement of financial closure for the Chirundu Border Post upgrade and modernisation project, a significant milestone in Zimbabwe’s infrastructure development journey and a testament to the potential of well-structured Public-Private Partnerships to attract private sector investment into nationally strategic projects,” he said.
Nyanhongo said the project would significantly improve efficiency at the Chirundu Border Post, facilitate trade and movement across borders, and strengthen Zimbabwe’s position as a gateway to the rest of the continent.
He also thanked the Government of Zimbabwe and CBC “for creating the opportunity for Stanbic Bank to be a lending partner in this landmark and strategic initiative.”
Reaffirming Stanbic’s regional vision, Nyanhongo said Stanbic Bank and Standard Bank Group were driven by the belief that “Africa is our home, and we remain committed to driving the continent’s growth and development.”
He added that Stanbic Bank had demonstrated that commitment by providing innovative funding solutions for transformative energy and infrastructure projects contributing to Zimbabwe’s economic progress.
The Chirundu Border Post Upgrade and Modernisation Project is a key component of the North-South Corridor and is expected to streamline cross-border trade and transit across the region.
The border post serves as a vital link between Zimbabwe, Zambia and the wider regional market.
Once upgraded, the facility will replace outdated infrastructure, introduce advanced operational systems, reduce transit delays and facilitate the secure and efficient movement of passengers and freight.
Read the original article on New Zimbabwe.
