Telone, ZPC Gets $54 million For Infrastructure Development

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The Infrastructural Development Bank of Zimbabwe says it will provide US$54 million to telecommunications firm TelOne and the Zimbabwe Power Company to support their initiatives on infrastructural development in this country.

IDBZ chief executive Mr CharlesChikaura said this after the official opening of the Zimbabwe Development Finance School in Harare yesterday. His bank acknowledged efforts by the two firms to reduce the infrastructural deficit Zimbabwe is facing.

“We are planning to come back in January next year to give US$54 million to TelOne and the Zimbabwe Power Company. ZPC will be given the money for their contribution in the Kariba South project while for TelOne the money will be for the national fibre optic project,” he said.

He added that the Tokwe-Murkosi project is progressing well as Government had prioritised the completion of the project.
Mr Chikaura said the regional Development Finance Resource Centre has participated actively in the development of the Sadc Regional Development Fund from the feasibility study on the current discourse on the operationalisation of the fund.

“Technical inputs from the DFI Network and DFRC have been instrumental in the decision making on such matters as capitalisation, shareholding, legal status, voting powers and governance structure of the regional fund among other issues.

“The fund is at its operationalisation phase and hopefully it will open its doors in the not so distant future,” he said.
He said as development finance institutions they viewed the fund as the precursor to the establishment of a fully-fledged regional development bank and its expedition would be most welcome.

 

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