Vaka/Yakha Zimbabwe Infrastructure Bonds

14 Nov 2022
Press Release

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From the left: Mr. Robert Mutakwa, General Manager – Transfer Secretaries, Custodial & Trustee Services and Mr. Zondo T. Sakala, Chief Executive Officer, Infrastructure and Development Bank of Zimbabwe

In 2020, the Infrastructure and Development Bank of Zimbabwe (“IDBZ”/ “the Bank”) was authorised by National Treasury, on behalf of the Government of Zimbabwe, to undertake an Infrastructure Bond Programme to raise up to ZWL2,000,000,000 (Two Billion Zimbabwe Dollars) to finance priority infrastructure projects. The Programme Amount has since been increased to ZWL5,000,000,000 (Five Billion Zimbabwe Dollars) to cater for the increased demand for project funding.  The Bank has since signed an addendum to the Trust Deed to give effect to the increase in the Programme Amount from ZWL2 Billion to ZWL5 Billion.

To date, the Bank has raised ZWL1,034,576,000 under the Bond Programme. The funds raised have been used in the implementation of the Sumben Housing Project (Phase 1 is 99% complete), Waneka Phase III (42% complete) and the Elizabeth Park Housing Project (Completed). A total of ZWL330 million has been repaid for Elizabeth Park and Sumben Housing Projects.

The Bank is currently in the market to raise ZWL1,000,000,000 (One Billion Zimbabwe Dollars) to finance the implementation of the Willsgrove Housing Project in Bulawayo.