IDBZ seeks $1 billion for Willsgrove project

In September, IDBZ said it had raised US$3,8 million for the ongoing construction of the Bulawayo Students Accommodation Complex Project (BSAC) near the National University of Science and Technology
Nqobile Bhebhe, Senior Business Reporter

THE Infrastructure Development Bank of Zimbabwe (IDBZ) is in the market to raise one billion Zimbabwe dollars to finance the implementation of the Willsgrove Housing Project in Bulawayo.

Last year, the bank issued an expression of interest to undertake the Willsgrove Park Phase 2 housing project through a Joint Venture with Whitepear Farming Company (Private) Limited.

Whitepear farming company are the owners of the land. The project is located 11km south of Bulawayo Central Business District along Old Gwanda Road (12th Avenue Extension).

The notice said under the partnership, WFC’s shareholding is determined by the value of the land contributed to the project while IDBZ will mobilise the required funding for development including conducting the procurement activities for the project.

In an update, the bank said it is seeking to raise one billion Zimbabwe dollars to implement the project.

“The Bank is currently in the market to raise ZWL1,000,000,000 (One Billion Zimbabwe Dollars) to finance the implementation of the Willsgrove Housing Project in Bulawayo.”

In 2020, the infrastructure development institution indicated that it was authorised by National Treasury, on behalf of the Government, to undertake an Infrastructure Bond Programme to raise up to ZWL2,000,000,000 (Two Billion Zimbabwe Dollars) to finance priority infrastructure projects.

The programme amount has since been increased to ZWL5,000,000,000 (Five Billion Zimbabwe Dollars) to cater for the increased demand for project funding.

The bank has since signed an addendum to the Trust Deed to give effect to the increase in the Programme Amount from ZWL2 Billion to ZWL5 Billion.

“To date, the Bank has raised ZWL1,034,576,000 under the Bond Programme. The funds raised have been used in the implementation of the Sumben Housing Project (Phase 1 is 99% complete), Waneka Phase III (42% complete) and the Elizabeth Park Housing Project (Completed).

“A total of ZWL330 million has been repaid for Elizabeth Park and Sumben Housing Projects.”
The institute indicated that it is currently in the market to raise ZWL1,000,000,000 (One Billion Zimbabwe Dollars) to finance the implementation of the Willsgrove Housing Project in Bulawayo.

Infrastructure Development Bank of Zimbabwe

In September, IDBZ said it had raised US$3,8 million for the ongoing construction of the Bulawayo Students Accommodation Complex Project (BSAC) near the National University of Science and Technology (Nust).

The construction of the multi-purpose three blocks of flats complex dubbed “Bulawayo Students City” is nearing completion and would have 516 rooms that are expected to accommodate 1 023 students. Upon completion, the complex is expected to go a long way in easing accommodation challenges for tertiary students in the city and is projected to be opened by the first quarter of next year.

The facility is self-contained as it would have fast food outlets, shops, salons, and sporting facilities. Officials say construction costs are projected to be under US$17 million. The Government has embarked on several major infrastructural development projects countrywide, which include housing, roads, dams, schools, health centres and irrigation schemes and are within the National Development Strategy NDS1 (2021-2025) economic blueprint.

The past two decades have recorded a surge in the number of enrolments at universities and the current number is estimated to be more than 70 000 with only 11 000 having accommodation provided by the institutions.

The Government has called for increased investment in the learning space, accommodation facilities, recreational and other supporting facilities.

The bank was established through the IDBZ Act (Chapter 24:14) to champion sustainable infrastructure development in Zimbabwe through the mobilisation of resources, capacity building, knowledge generation and sharing in support of national efforts for inclusive socio-economic development.-chronicl.c.zw