Online Reporter
Nokuthaba Brita Ncube, [email protected]
THE Construction Industry Federation of Zimbabwe (CIFoZ) has pledged to work collaboratively with banks to ensure its members have access to financial products that will enhance their operations.
This commitment comes as Zimbabwe’s construction sector experiences substantial growth, with total investments reaching US$2 billion from both local and foreign investors over the past year.
In an interview during the CIFoZ workshop held on Friday at a local hotel in Bulawayo, the organisation’s chief executive officer, Martin Chingaira, emphasised the pivotal role banks play in funding construction projects.
“We will definitely partner with banks to ensure construction members are accessing products that will bring value to their businesses. Banks are key because they fund the projects, and for banks to be comfortable, they need an association that registers the entities they are dealing with. This allows them to understand the association’s mandate to its members. Our job is to ensure we collaborate effectively with banks,” he said.
Chingaira highlighted CIFoZ’s commitment to contributing to the government’s target of 22 000 housing units.
“Remember, we are the contractors who implement these units. We consistently ensure our members are prepared, and all infrastructure seen in the country is developed by CIFoZ members. They are ready to undertake any challenge or project to achieve the goals of Vision 2030 and meet the required housing units, thus reducing the housing backlog in our country,” he said.
He also noted that they are leveraging masterplans to identify opportunities, recognising them as valuable documents for understanding community developments.
In November 2023, the President mandated the production of masterplans by all 92 local authorities, 32 in urban areas and 60 in rural communities.
“This is something the organisation has been following since its pronouncement. We have been encouraging our members to engage with their nearest local authorities to identify projects and investment opportunities within each authority,” he said.
The workshop was attended by stakeholders from banking institutions, including NMB and NBS, who also pledged to develop tailored financial products for various sectors.
Jossiah Makombe, a representative from NMB bank, stated that the bank is dedicated to providing capital support for both public and private sector projects in Zimbabwe. During his presentation, Makombe identified CIFoZ as a strategic partner.
He said that NMB prioritises socio-economic development through its commitment to supporting institutions that create jobs, develop critical solutions, and improve the macro-economic environment.
Also in attendance were representatives from Matabeleland North province, Zimra, Nssa, the National Employment Council, and various players in the construction sector.
Chingaira said that the purpose of the workshop was to educate their members on compliance.
CIFoZ chairperson for the Matabeleland region, Bernice Anne Richards, expressed optimism, stating that the workshop had enlightened their members on how to run their businesses and comply with regulations, as there are numerous projects they can rely on.
She noted that many projects face funding challenges.
“I think it helps if we engage in public-private partnerships or collaborate with other organisations to undertake projects together, ensuring quality is paramount,” she said.
As a woman in the construction industry, Richards acknowledged the long and challenging journey. She encouraged women to pursue careers in construction and become engineers.
Senior vice-president of CIFoZ, Elena Shoko, concurred, stating that they actively encourage and support women in construction and urge them to participate in infrastructure development.
“As it is Women’s Month, we are excited to see the achievements of other women. I am pleased to say that women are very active and competitive, particularly those CIFoZ members who are progressing well in their projects,” she said.
According to the Zimbabwe Investment Development Agency’s (Zida) Fourth Quarter 2024 report, the real estate sector is expected to attract even more investments this year. In the fourth quarter of 2024, the real estate sector had the highest projected investment value of US$2 billion, followed by the energy sector with a projected investment value of US$1,043 billion.
