IDBZ commissions US$2.8m housing project

CLOUDINE MATOLA

State-owned development bank, Infrastructure and Development Bank of Zimbabwe (IDBZ), in collaboration with Amtrust Construction has commissioned a US$2.8m housing project in Hatfield, Harare.

With 20 new housing units, the project was funded by IDBZ and developed by   by Amtrust.

Speaking at the commissioning of the Mabuto Villas on Friday last week, IDBZ board chairman, Dr Kupukile Mlambo stated that partnering with the private sector is  essential to promoting  economic development.

He added that public-private partnerships are crucial because they increase public institutions’ credibility.

“IDBZ wants to partner the private sector in everything that we do. Once you combine government funding with private sector funding, with private sector efficiency, you have a much better product than when you just do it alone,” Dr Mlambo said.

 He added: “So, in this (project), trust has been important here. You can only build trust in public institutions when you work with the private sector.”

Furthermore, Dr. Mlambo stated that in addition to offering shelter, the project creates jobs and promotes long-term economic stability.

“The launch of Mabuto Villas is not just about providing housing; it is about economic opportunity. The development and construction of these homes have created numerous jobs, empowered local businesses, and invigorated the economy. By fostering partnerships like this, IDBZ is not only contributing to the immediate housing needs but also supporting long-term economic resilience, job creation, and wealth building in the communities we serve.

“This project, though modest in scale, reflects a much larger vision. Mabuto Villas is more than just a residential development; it is an embodiment of how strategic partnerships between public and private sectors can foster community growth, stimulate economic progress, and positively impact lives. The Project has had spillover effects that include stimulating the economy, employment creation and indeed changing the face of the neighbourhood,” Dr Mlambo said.

According to Isaiah Chakuchichi, CEO of Armtrust Construction, the project is 80% complete.

“Mabuto Villas is currently at 80% completion and 100% procured, meaning that all materials for this project has been paid for. Civil works, that is the road, water and sewer, are at 95% completion,” Chakuchichi said.

He added: “We hope to be getting our certificate of compliance next month, and I can assure residents here, I think in 60 days, we will be able to get our certificate of compliance next month (December), and I can assure residents here, I think in 60 days, we will be having our title deeds, our sectional title deeds for all the units.”