Online Reporter
Trust Freddy
Herald Correspondent
THE Government is pulling its urban development agency out of a decade-long stagnation, with National Housing and Social Amenities Deputy Minister Musa Ncube revealing plans to secure a Treasury recapitalisation package for the Urban Development Corporation.
The operational policy shift follows a financial performance by the housing parastatal, which overturned consecutive annual losses averaging ZiG65 million to post a historic ZiG72 million operating profit and secure its first-ever clean audit opinion from the Auditor-General.
Addressing stakeholders at the corporation’s Annual General Meeting held in Harare last Thursday, National Housing and Social Amenities Deputy Minister Musa Ncube stated that the State is now firmly banking on the newly profitable agency to drive the ambitious National Development Strategy 2 (NDS2) target of delivering over one million housing units.
“The Ministry will engage Treasury on a once-off recapitalisation package to strengthen the corporation’s financial position and unlock large-scale housing and infrastructure delivery,” she said.
“Such support will assist in land servicing, completion of strategic projects such as Knockmalloch, liquidity stabilisation, mobilisation of pension and private sector capital, and implementation of the corporation’s 2026-2030 Strategy.”
“The ministry will also continue supporting efforts to secure additional land and strengthen UDCORP’s institutional capacity and strategic positioning. “
However, this support, the Minister said, must be matched by performance, innovation, accountability, efficiency, and measurable results.
“The future of Zimbabwe’s cities, towns, and communities depends on the decisions we make today. Housing and urban development remain among the most powerful instruments for driving economic growth, creating employment, reducing inequalities, attracting investment, and improving the quality of life of our people.”
The proposed funding injection will target immediate land servicing, liquidity stabilisation, and the acceleration of major infrastructure projects, allowing UDCORP to leverage more substantial capital from private investors and pension funds under a new National Housing Finance Strategy.
“On NDS2, we have been given a target of 1 000 000 houses, of which we are also banking on UDCORP to bring in the expertise so that we can achieve the housing targets,” Deputy Minister Ncube added.
“Housing is not merely about shelter; it is about dignity, public health, employment creation, infrastructure development, investment attraction, and the creation of thriving communities.”
The corporate turnaround has already translated into physical delivery. UDCORP chief executive Joey Shumbamhene confirmed that the corporation’s flagship Knockmalloch Housing Project has obtained an early Compliance Certificate, clearing the path for beneficiaries to begin immediate construction on 669 high-density stands.
“All these years we were getting adverse audit opinions — that our governance systems internally, our financial reporting systems, were not in order,” Mr Shumbamhene said.
“So this year we are celebrating a clean audit opinion, which is a big milestone for us, alongside the ZiG 72 million profit.”
