Online Reporter
INFRASTRUCTURE development in the country has largely been financed through Government resources since 2000.
Foreign financial institutions maintained a funding freeze on local projects in line with Western sanctions.
We, however, acknowledge that the economic challenges the country has been facing due to those sanctions made it difficult for the Government to repay loans.
Because contractors, more so foreign ones, are businesses which must be timeously and fully paid for the work they do, most of them stayed away.
That is why there was a long period of limited infrastructure development, rehabilitation and maintenance across the country.
But for priority projects, authorities took control as was the case with Lake Tugwi-Mukosi in Masvingo, Beitbridge-Masvingo-Harare-Chirundu Road and Lake Gwayi-Shangani in Matabeleland North.
Tugwi-Mukosi and Beitbridge-Masvingo-Harare-Chirundu Road projects are done while Lake Gwayi-Shangani is advancing.
Hundreds of smaller projects — clinics, schools, smaller roads, hospitals and so on — have been built, particularly since 2018 through Government funding.
However, amid the generally inward-looking financing situation, we reported yesterday that the promoters of the Bopoma Glassblock Dam in Insiza North, Matabeleland South have now secured the $93 million that is required to build the 129 million-cubic-metre reservoir.
Bulawayo Mayor, David Coltart said with financing secured, the contractor is now on the ground, setting up ahead of the beginning of real construction of the dam which, when complete, will provide most of its capacity to the city.
Mr James Ross Goddard, who heads JR Goddard Contracting (Pvt) Ltd, which will be the lead contractor at the dam, said Standard Bank of South Africa agreed to lend $50 million to the project, the African Development Bank will provide $30 million, with other financiers contributing $13 million.
We are optimistic that financing has, indeed, been secured as Clr Coltart and Mr Goddard said and one or two outstanding conditions will be sorted out as soon as possible.
But it is the participation of private funding in this substantial project that we find very important.
This must encourage other promoters of local projects to start going out there seeking funding to build infrastructure just like what Bulawayo City Council has done with Bopoma Glassblock Dam.
We also hope that other foreign funders will start considering Zimbabwean infrastructure for project financing as what Standard Bank of South Africa has committed to do with the Insiza North dam.
More private sector financing, more foreign funding for critical projects will help the country bridge the infrastructure gap that has been widening over the past 25 years or so.
That will create more job opportunities for our people, improve their livelihoods and drive socio-economic development.
Also, more external funding for local projects will ease pressure on the public purse, enabling authorities to spend on other priorities.
