malvernmugadzikwa
Business Writer
Norsad Capital and Infrastructure Development of Zimbabwe (IDBZ) have signed a Memorandum of Understanding (MOU) to enhance cooperation and collaboration on technical matters,
co-investment, or possible portfolio management.
Norsad is an impact investor and private credit provider that offers tailor-made debt solutions to profitable growth-stage companies that deliver desirable social impact in Africa.
IDBZ is a shareholder of Norsad and is a national development finance institution established in terms of section 3 of the Infrastructure Development Bank of Zimbabwe Act.
“We will be having an MOU signing event (on Tuesday) to confirm our partnership,” IDBZ said in a statement.
“This is a significant step to strengthen our growth and commitment to impacting the lives of our customers.”
IDBZ said it will continue to play a catalytic role in driving economic and financial growth, social advancement, and environmental sustainability in Zimbabwe.
Norsad has for over 32 years invested in African businesses that demonstrate positive impact. The company has invested over US$500 million in more than 150 companies, offering dynamic debt solutions in various sectors and countries in Africa.
In Zimbabwe, Norsad has invested about US$5 million in Nyangani Renewable Energy, a mini Hydro power plant in Nyanga District.
The IDBZ was formed on the 31st of August 2005, taking over the assets and liabilities of the former Zimbabwe Development Bank.
It was primarily set up as a vehicle for the promotion of economic development and growth and improvement of the living standards of Zimbabweans through the development of infrastructure, which includes but not limited to energy, transport, water and sanitation, information communication technology (ICT) and housing.
Online Reporter