NSSA pours $10m into projects

Harare Bureau
THE National Social Security Authority expects to inject more than $10 million into various projects countrywide including capitalisation of a new building society as part of a 10-year development plan. This year, NSSA is focusing on housing development in Masvingo, a commercial centre in Chipinge and the setting up of a new building society.

All real estate projects will be collapsed into the building society once it comes on board.

NSSA general manager James Matiza said about $6,3 million will be released into developing the Chipinge commercial centre this year but total project cost is expected to top $10 million.

“Our main contractor is now on site and we expect to move according to schedule,” said Matiza.

The project comprises a supermarket, office space for identified corporates and targeted tenants include banks, some mining houses, mobile phone service providers and fast food service providers.

NSSA will also develop a green zone or park in Chipinge. On the building society licence, Matiza said the process is progressing well.

An application for a building society licence with the Reserve Bank of Zimbabwe is at an advanced stage. The authority is currently compiling paperwork requested by the central bank which will lead to the issuance of the licence. The licence is expected soon.

Matiza said the new building society will start with an initial capital of $5 million building towards the $20 million threshold set by the central bank for building societies. “If our application is approved by the RBZ we will then start setting up structures for the building society including staff recruitment,” said Matiza.

In Masvingo, 680 residential stands will be developed. Last year the authority was working on the sewer system and actual servicing of the stands will commence this year.

Matiza said quantity surveyors are expected on site soon to ascertain the total requirements for the project.

Focus has been given to housing projects this year in line with the Zimbabwe Agenda for Sustainable Socio-Economic Transformation policy framework.

NSSA has a target of developing 1,000 new units per annum under Zim-Asset. The authority expects to officially open the recently constructed 140-room Beitbridge Hotel.