Bulawayo City Council seeks $26 mln for water projects

Bulawayo Street (Source: www.bulawayo24.com)

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.

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)