IDBZ approves US$14,4 million student accommodation project for Catholic University of Zimbabwe
THE Infrastructure and Development Bank of Zimbabwe (IDBZ) has approved a US$14,4 million student accommodation project for the Catholic University of Zimbabwe (CUZ), to be constructed at its Harare campus in Cranborne.
The greenlight for the project was granted on Tuesday, marking another milestone in IDBZ’s continued efforts to support the development of educational infrastructure across the country.
The bank, which recently rebranded to sharpen its development focus, is spearheading several similar initiatives under its University Students and Staff Accommodation Programme (USSAP), launched in 2016. These include the flagship Bulawayo Students Accommodation Complex (BSAC), among others.
Announcing the development on his official X (formerly Twitter) account, IDBZ chief executive officer Mr Thomas Sakala said: “The IDBZ Board of Directors has, today 15 April 2025, approved the cited project proposal, which is under the bank’s University Students and Staff Accommodation Programme (USSAP, 2016).”
Mr Sakala said the project will see the construction of eight accommodation blocks with a combined capacity to house 1 024 students — equally split between male and female students — at CUZ’s Cranborne campus, located just off Airport Road in Harare.
“As requested by CUZ, the project entails the construction of an eight-block complex with a capacity to house 1 024 male and female students (50/50 percent), at their Harare Campus off Airport Road in Cranborne,” he said, adding that the development is estimated to cost a total of US$14, 4 million.
Mr Sakala further revealed that IDBZ has already committed US$1 199 654 towards project preparation and development. This amount will be reimbursed once financial closure is achieved.
“The bank is already in the market to raise these funds. Project implementation is expected to take 24 months, with construction planned to start before the end of 2025. The Bank will continue to provide advisory services throughout the project,” he said.
As a Government-owned development finance institution, IDBZ is mandated to mobilise medium- to long-term funding for critical infrastructure projects in sectors such as housing, transport, ICT, energy, water and sanitation.-chroncile
