THE City of Bulawayo is set to engage Loita Capital Partners International Limited, an investment
banking and investment
firm focused on Africa,
to raise capital of $26 million to finance
water and waste water
projects.
According to
the latest council minutes, financial director Kimpton Ndimande reported last
month that council was keen to resolve its perennial water challenges by implementing a Water
and Waste Master Plan (WWMP),
hence the need for funding.
The master plan had been developed in partnership with
Bosch Stemele (a consulting firm based in South Africa), Built Environment Professionals Export Council (BEPEC), and was co-funded by Council with donor and grant funding provided by Department of Trade and Industry South Africa, the Swedish International Development Corporation Agency
through the Development Bank of Southern Africa (DBSA).
The Master Plan included planning for rehabilitation,
renewal and upgrading of water and wastewater infrastructure, including associated operational and maintenance
requirements as well as institutional aspects linked to cost recovery.
“Cost estimates had been compiled for the various projects to be implemented under the WWMP and $26 million is required in the very short term, in order to remedy priority problem areas,”
Ndimande said.
Ndimande
said areas need to be revamped include water supply which needs $17, 1 million,
wastewater $6, 1 million, operational and institutional $2, 3million.
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| Locations Hillside dams Bulawayo (Source: www.zimbabweflora.co.zw) |
He said council
officials would
travel to Harare,
but would not sign any documents
at
this stage as a report on progress made would be submitted in due course.
Councilors
present said the money if allocated would
go a long way
in resolving the
City’s perennial
water
challenges. However,
the
negotiating council
officials
should not at
this
stage commit Council, instead a report on their findings should be submitted to Council in the usual manner.
According to
the minutes, the institution is an
investment banking and investment firm focused on Africa but based in Mauritius with offices in Southern Africa, Zimbabwe and South Africa included. The firm has an attractive
tenure of payment (20 years) and the interest rate is low.
Loita had concluded transactions worth more than $3 billion across Africa, minutes read.
(Source of information: Bulawayo City Council)

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