Categories: Stories

Zimbabwe courts private sector for $4.2b to fund water infrastructure

Zimbabwe has marshalled nearly $400 million towards water and sanitation since the introduction of the multiple currency system in 2009 but huge funding gap remains, with $4 billion required to upgrade infrastructure, Treasury secretary Willard Manungo said yesterday.

Manungo said government is ready to partner with investors through joint ventures to meet the funding gap in water infrastructure, adding that several incentives are in place to entice investors.

“The Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zimasset) identifies water and sanitation services as a key economic enabler, with financial requirements estimated to cost $4.2 billion for the five year period 2013-18,” said Manungo addressing a water conference in the capital.

“The budget has so far been the main instrument of financing programmes aimed at provision of finance for the water sector with cumulative disbursement of $370 million since 2009.”

Out of the $4 billion water infrastructure budget, half of that would finance dam construction. The much delayed Matabeleland Zambezi Water Programme would account for $1.2 billion of the budget, with the remainder being for solid waste management equipment, rehabilitation of existing dams and upgrading water and sewer infrastructure for local authorities.

“As government, we are aware that private investment only goes where there is confidence and policy certainty. In addition, the private sector also requires up to date and well packaged bankable project documents in order to access commercial viability of the projects,” he said.

“In recognition of the need to incentivise investments in water, a fiscal regime, which complements direct funding has been put in place.”

Official figures show that nearly 70 percent of Zimbabwe’s population is dependent on farming while 80 percent of the land is subjected to often harshly dry conditions due to erratic rainfall.-The Source

(246 VIEWS)

This post was last modified on %s = human-readable time difference 6:51 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024