Source: The Herald – Breaking news.
The Bulawayo Students Accommodation City, initiated by IDBZ about eight years ago, was a result of a successful public-private partnership involving players like Old Mutual, Motor Industry Pension Fund (MIPF), Zimnat and the Public Service Pension Fund (PSPF). — (File Picture)Business Reporter
THE Public Service Pension Fund (PSPF) is poised to play a pivotal role in fostering a better future for citizens by supporting sustainable economic development and growth, President Mnangagwa has said.
Speaking during the commissioning of the accommodation facility for tertiary students in Bulawayo last Friday, the President emphasised that the fund’s growing asset portfolio should be invested in sustainable initiatives such as climate-friendly projects and initiatives to mitigate climate change and risk mitigation.
In 2018, the PSPF underwent a significant transformation, focusing on real estate investments and other large-scale infrastructure projects that align with the Government’s goal of inclusive development.
“It is pleasing that the Public Service and Pension Fund has investment stakes in strategic and transformative ventures, including in the renewable energy sector,” said the President.
“The total assets, which the pension fund has accrued, must give impetus for the broadening of the investment portfolio, including in areas such as smart energy technologies, climate mitigation and risk reduction, low-cost housing, health, education and financial services, among others.”
President Mnangagwa noted that multi-faceted development and cutting-edge solutions that address the current and future challenges remained the “hallmark and beacon of my administration.”
He said that the extensive investments in the construction sector and the built environment across the country reflected a commitment to inclusive and forward-looking development, aiming to improve the quality of life for all citizens, including their working and living spaces.
Further, the President said modern housing and commercial spaces not only provide essential amenities, but also create employment and empowerment opportunities, thereby stimulating local opportunities.
President Mnangagwa said the US$17,5 million tertiary student accommodation facility marked another significant milestone in the Government’s commitment to inclusive development.
The Bulawayo Students Accommodation City, initiated by the Infrastructure and Development Bank of Zimbabwe about eight years ago, was a result of a successful public-private partnership involving players like Old Mutual, Motor Industry Pension Fund (MIPF), Zimnat and the Public Service Pension Fund (PSPF).
It boasts 516 double rooms, accommodating 1 032 students.
The ground floor offers 33 commercial units for businesses like food courts, grocery shops, a sporting facility, a bookshop, banks, a pharmacy, laundromats, and supermarkets, exemplifying a modern world-class facility.
The facilities will benefit students benefiting from institutions like the National University of Science and Technology, Bulawayo Polytechnic College and the Zimbabwe School of Mines.
Notably, female students will be the primary beneficiaries, with a 60 percent quota set aside for them.
The commissioning of the Bulawayo Student Accommodation City follows the launch of Varsity Heights, a similar facility in Chinhoyi early last month, which was largely funded by the PSPF.
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