Business / Local
Zimbuild partners BancABC in schools refurbishment projects
15 Jun 2016 at 06:59hrs | Views
Zimbuild Properties, a land developing company has partnered with BancABC in an initiative that will assist in refurbishment and construction of schools, health and other Government institutions.
Masvingo Mirror reported that Zimbuild Chief Executive Officer, Tinashe Manzungu confirmed the development in an interview with The Mirror last week.
He said the Public Private Partnership (PPP) will see Zimbuild getting money from BancABC and use it on refurbishment and construction of new buildings, schools and other benefiting institutions will pay Zimbuild which will then pay back to the Bank.
"We have partnered with BancABC who have extended lines of credit to us at low interest rates after the realisation that there are many customers who want to embark on construction projects but do not have enough funds. We have entered into partnerships with schools, health institutions among others where we do the construction and refurbishments of the institutions and then they pay us in instalments and we repay the bank," said Manzungu.
"We have already built classroom blocks, hostels and refurbished many government institutions which include Muwunga Primary School, Mambo High School and Zororo Baptist School among others under this arrangement," added Manzungu.
He said the PPP arrangement is meant to ensure the fulfilment of one of the ZimASSET blueprint pillars of infrastructure and utilities that seek to develop the country's infrastructure base including provision for universal housing.
Zimbuild which had undertaken to provide and build 4000 stands by the end of 2018 in its other development portfolio is having a rethink on the figure owing to the high defaulter rate on individuals purchasing stands.
This defaulter rate has been spurred on by the liquidity crunch facing Zimbabwe.
The company's defaulter rate currently stands at 35 percent.
Masvingo Mirror reported that Zimbuild Chief Executive Officer, Tinashe Manzungu confirmed the development in an interview with The Mirror last week.
He said the Public Private Partnership (PPP) will see Zimbuild getting money from BancABC and use it on refurbishment and construction of new buildings, schools and other benefiting institutions will pay Zimbuild which will then pay back to the Bank.
"We have partnered with BancABC who have extended lines of credit to us at low interest rates after the realisation that there are many customers who want to embark on construction projects but do not have enough funds. We have entered into partnerships with schools, health institutions among others where we do the construction and refurbishments of the institutions and then they pay us in instalments and we repay the bank," said Manzungu.
He said the PPP arrangement is meant to ensure the fulfilment of one of the ZimASSET blueprint pillars of infrastructure and utilities that seek to develop the country's infrastructure base including provision for universal housing.
Zimbuild which had undertaken to provide and build 4000 stands by the end of 2018 in its other development portfolio is having a rethink on the figure owing to the high defaulter rate on individuals purchasing stands.
This defaulter rate has been spurred on by the liquidity crunch facing Zimbabwe.
The company's defaulter rate currently stands at 35 percent.
Source - Masvingo Mirror
