Cifoz to raise US$250m for projects

term funding from local financial institutions for construction projects.
This will be in addition to the US$80 million the federation mobilised last year.
Cifoz president Mr Philip Chiyangwa said the funds would also be used for project financing and the development of infrastructure, including housing schemes.
“Although our members are yet to exhaust the US$80 million, we are already mobilising an additional US$250 million and we are urging our members to apply for the funds,” he said.
Cifoz membership consists of the Zimbabwe Institution of Engineers, Real Estate Institute of Zimbabwe, Zimbabwe Institute of Quantity Surveys, Zimbabwe Institute of Consulting Engineers and the Institute of Architects of Zimbabwe.
The federation’s financial partners include CBZ Bank, BancABC, IDBZ, Interfin Bank, Kingdom Bank and Premier Bank.
Zimbabwe’s construction was negatively affected by the economic challenges of the last 10 years.
At its peak, the sector employed more than 35 000 people but the figure had dropped to just over 3 000 in 2009.
Following the liberalisation of the economy, Cifoz is now working on a number of strategies to revive the sector, which is critical to overall economic recovery.
Skills retention, funding and partnerships will aid the sector recovery.
The construction industry previously survived on Government projects, constituting about 60 percent, with the remainder coming from the private sector and individuals.
But Government has failed to maintain this component after succumbing to a decade-long economic recession. Lack of training, health and safety and HIV and Aids are also threatening the recovery.
Going forward, with strong Government support through a regulatory framework, the industry would most likely be able to rebound. It is currently operating at between 30 percent and 40 percent.
Government is also expected to play a leading role in securing businesses in the region and internationally through bilateral relations.