Infrastructure Development Bank of Zimbabwe seeks to raise $65 million for energy projects

Zimbabwe’s infrastructure bank today listed two bond facilities worth $65 million on the Finsec alternative trading platform, as it seeks to raise funds to finance its energy projects.

The Infrastructure Development Bank of Zimbabwe (IDBZ) becomes the first to list on the Finsec fixed income board which allows investors to trade debt securities.

“The listing of these bonds by IDBZ demonstrates confidence in our markets and is an important signal to both local and international investors that indeed our economic recovery and growth is underway,“ said Escrow chief executive Collen Tapfumaneyi.

Upon listing, 800 units were traded at an average price of $101.1 with a total value of $80 885.

IDBZ chief executive, Thomas Sakala said the listing of the bonds will enhance their liquidity and provide a transparent and market determined price mechanism.

“The listing of the bonds will provide opportunities to investors who have failed to participate at the time of issuance, to buy the bonds in an organized secondary market,” Sakala said.

A $15 million bond was issued to finance the completion of the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) prepaid meter project while a $50 million bond was issued to fund the refurbishment of the Kariba South Power Station and the repowering of the Harare Power Station. – The Source

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