Nyore Madzianike
Senior Reporter
The Infrastructure Development Bank of Zimbabwe (IDBZ) has injected ZiG75 million into development projects across the country, including solar energy, housing and student accommodation, as it seeks increased Government support to accelerate infrastructure development.
The IDBZ’s core mandate is to support the development and financing of infrastructure in the country.
It also supports other development initiatives, including providing financing to business enterprises across all sectors of the economy.
The bank also provides financing solutions to the productive sectors, targeting the infrastructure value chain, input substitution, value addition and beneficiation.
Presenting the bank’s budget proposals before Parliament during the 2027 pre-budget consultation meeting, IDBZ chief executive officer Mr William Zvirevo, said the funds received by September this year had been fully utilised, with the bank seeking ZiG282,5 million in the 2027 National Budget.
The bank had been allocated ZiG150 million for 2026 but had received only ZiG75 million by September.
Mr Zvirevo said the funds had supported four major development initiatives, with the remainder being channelled towards upgrading the bank’s information and communication technology (ICT) systems.
“Our allocation for 2026 was ZiG150 million. As of September, we have received ZiG75 million. We have utilised all of it to support a number of projects,” he said.
The projects include a solar energy project in Masvingo, which received ZiG30 million, the Spitzkop housing project in Gwanda, which received ZiG15 million, and a cluster housing development in Kadoma, which was allocated ZiG14 million.
The bank also deployed ZiG5,5 million towards student accommodation for the Catholic University of Zimbabwe in Harare.
The remaining ZiG10 million was used to upgrade the bank’s ICT systems. For 2027, IDBZ is seeking ZiG282,5 million, comprising ZiG195 million for co-financing projects under construction, ZiG66,5 million for project preparation activities and ZiG21 million for capital expenditure related to ICT systems upgrades.
Mr Zvirevo said the proposed allocation would help the bank attract private sector investment into infrastructure projects by demonstrating its own commitment to their construction.
“The ZiG195 million that we are asking, Honourable Chair, is going to support projects with a total of ZiG700,1 million in terms of construction budgets,” he said.
Source: IDBZ seeks more funding to support development projects – herald
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