adminIDBZ chief executive Mr Charles Chikaura said other key economic sectors would also be able to access the money.
“Financial resource mobilisation is a critical deliverable for the bank,” said Mr Chikaura.
“In this regard the bank has (set aside) a US$30 million line of credit (that will be) available to support the construction and other key economic sectors.”
IDBZ, which is looking for a foreign partner for possible fresh capital injection, has spent over US$100 million in various infrastructure development projects. Some of the projects include rehabilitation of power stations, road construction, water and sewer projects, houses and information and communication technology projects.
The Government, which has a controlling 85 percent stake in the bank, has over the past two years injected US$11 million. This has enabled the institution to undertake its role of championing rehabilitation and development of infrastructure in the country.
However, since its formation in 2005 through the amendment of the Zimbabwe Development Bank Act, the IDBZ has operated without adequate capitalisation to underwrite significant projects. The African Development Bank has estimated that Zimbabwe needs at least US$14 billion to repair old infrastructure and build new ones. – New Ziana.
Online Reporter