Zimbabwe: Bank Spends $20 Million On Residential Projects

Sep 04, 2018 | The Herald; All Africa

The Infrastructure Development Bank of Zimbabwe (IDBZ) has spent $20 million in six months to June 30, 2018, on residential projects in Kariba and Hwange.

Of the total amount, $14,8 million was utilised for the Baobab, Kasese and Batonga projects in Kariba while $5,8 million was utilised for Empumalanga housing project in Hwange. IDBZ chief executive officer Thomas Sakala said the projects were expected to be completed this year. "During the period under review, the Bank embarked on the execution of the following two projects, both are earmarked for completion before the end of the year, Kariba Housing Projects (Baobab, Kasese and Batonga) and Hwange Empumalanga Housing Project," he said in statement accompanying the bank's financial results for half year to June 30, 2018. Completion of the housing projects in the two towns is also expected to enhance the bank's earnings. "Given this half year performance, the envisaged profitable position by the end of the year will be achieved as the completion of Kariba and Empumalanga Housing Projects is earmarked for the second half of 2018," said Mr Sakala. Source: All Africa