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Zinara clears US$206m road debt
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The Zimbabwe National Road Administration (Zinara) has fully repaid a US$206 million loan from the Development Bank of Southern Africa (DBSA), which financed the rehabilitation of the 800-kilometre Plumtree-Bulawayo-Harare-Mutare highway.
The 15-year financial obligation was cleared on September 30, a development expected to strengthen Zimbabwe's credibility with international financiers and potentially improve access to funding for future infrastructure projects.
Speaking at Zinara's 10th Annual General Meeting in Harare, board chairperson Dr George Manyaya confirmed the repayment, saying it demonstrated the country's commitment to honouring its financial obligations.
The loan was secured in October 2011 to finance rehabilitation works on the strategic highway, with construction managed by Infralink, a joint venture between Zinara and South African construction company Group Five International.
The highway is a major transport corridor connecting Plumtree on Zimbabwe's western border with Mutare in the east, supporting the movement of people and goods across the country.
Transport and Infrastructural Development Minister Felix Mhona commended Zinara's financial management and announced that the Government had secured a US$400 million CBZ Infrastructure Bond, backed by ring-fenced Zinara funds, to accelerate outstanding road projects.
Mhona said further investment would be required to improve urban mobility and accommodate growing demand from the agricultural and mining sectors.
He also highlighted Zinara's corporate governance record, noting that the organisation had achieved its third consecutive clean external audit.
Meanwhile, Zinara is expanding tollgate lanes and electronic tag services to reduce congestion and improve traffic flow. Planned digital initiatives include an e-wallet and a single licence disc system intended to simplify transactions for motorists.
The authority continues to finance rehabilitation and construction works on other major routes, including the Harare-Beitbridge, Harare-Kanyemba, Harare-Nyamapanda, Bulawayo-Victoria Falls, Harare-Chirundu and Kwekwe-Nkayi-Lupane highways.
The repayment marks the clearance of a major infrastructure-related debt as Zimbabwe seeks additional financing to modernise its road network and improve transport links.
The 15-year financial obligation was cleared on September 30, a development expected to strengthen Zimbabwe's credibility with international financiers and potentially improve access to funding for future infrastructure projects.
Speaking at Zinara's 10th Annual General Meeting in Harare, board chairperson Dr George Manyaya confirmed the repayment, saying it demonstrated the country's commitment to honouring its financial obligations.
The loan was secured in October 2011 to finance rehabilitation works on the strategic highway, with construction managed by Infralink, a joint venture between Zinara and South African construction company Group Five International.
The highway is a major transport corridor connecting Plumtree on Zimbabwe's western border with Mutare in the east, supporting the movement of people and goods across the country.
Transport and Infrastructural Development Minister Felix Mhona commended Zinara's financial management and announced that the Government had secured a US$400 million CBZ Infrastructure Bond, backed by ring-fenced Zinara funds, to accelerate outstanding road projects.
Mhona said further investment would be required to improve urban mobility and accommodate growing demand from the agricultural and mining sectors.
He also highlighted Zinara's corporate governance record, noting that the organisation had achieved its third consecutive clean external audit.
Meanwhile, Zinara is expanding tollgate lanes and electronic tag services to reduce congestion and improve traffic flow. Planned digital initiatives include an e-wallet and a single licence disc system intended to simplify transactions for motorists.
The authority continues to finance rehabilitation and construction works on other major routes, including the Harare-Beitbridge, Harare-Kanyemba, Harare-Nyamapanda, Bulawayo-Victoria Falls, Harare-Chirundu and Kwekwe-Nkayi-Lupane highways.
The repayment marks the clearance of a major infrastructure-related debt as Zimbabwe seeks additional financing to modernise its road network and improve transport links.
Source - The Herald
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