said at an estimated total cost of $14,8 million, the Kariba Housing Development Project required to develop 1 557 high, medium and low density residential stands at Baobab, Batonga, Kasese and Kasese Extension.
should have work starting in June or July and at the moment now preparing for procuring processes so that can get the contractors to be appointed so that they get on the ground and start work right away.
Issuing a statement yesterday for the shareholders, the IDBZ disclosed, The bank will be issuing additional tranches of the housing bond of up to $15 million in 2016 to fund various projects currently under preparation once they are ready for implementation.
The IDBZ added, The bank has authority from the Finance ministry to issue housing bonds of up to $100 million over a five-year period and the bond issuances will be underpinned by bankable projects that demonstrate off-take capacity and financial viability.
This bond of the IDBZ, with a fixed coupon rate of 9,5% per annum, has a tenor of five years.
At present, the IDBZ is involved in the development of 338 high-to-medium density residential stands as part of its New Marimba housing project worth around $2 million.
The IDBZ is expected to play a pivotal role in infrastructure development through effective resource mobilisation and providing the necessary technical lead in the packaging, marketing, resourcing and implementation of priority infrastructure projects.
It is in recognition of this critical role of the IDBZ that government has continuously made timely interventions which have capitalised the bank and strengthened it to deliver on its infrastructure mandate.
The council had proposed that they needed US$13 million and the IDBZ
only channeled US$991 000 leaving a huge gap that needs to be funded, for drainage and filter beds.