peter
Oliver Kazunga, Acting Business Editor
BULAWAYO City Council (BCC) is seeking borrowing powers to raise ZWL$4 223 billion to fund capital expenditure projects planned to be rolled out this year.
The City Council, which has effected a 372 percent rates-hike starting this month following Government’s December approval of the ZWL$551 million supplementary budget, had its 2021 total budget amounting to over ZWL$16 billion approved by Government.
In a public notice, BCC said it was in terms of the Urban Councils Act Chapter 29:15, subject to the consent of Government, it proposes to borrow ZWL$4,223 billion.
“Notice is hereby given in terms of Section 290 of the Urban Councils Act Chapter 29:15 that subject to the consent of the Ministry of Local Government and Public Works being obtained, council is proposing to borrow ZWL$4,223 billion or its equivalent of US$51,886 million to finance the following projects, water infrastructure rehabilitation, sewerage infrastructure, acquisition and development of land, roads construction and rehabilitation, landfill site new cell development, and acquisition of plant equipment and vehicles.
– @okazunga
Online Reporter