IDBZ Adds 48 Flats at Waneka Project

Rutendo Mazhindu- Zim Now Reporter

The Infrastructure Development Bank of Zimbabwe has completed 48 modern two-bedroomed apartments under Phase 3 of the Waneka Housing Development Project in Harare, bringing the total number of units at the site to 336.

The latest phase, valued at US$2.5 million, was toured today by National Housing and Social Amenities Minister Zhemu Soda and Finance, Economic Development and Investment Promotion Minister Mthuli Ncube.

Minister Soda said the development was helping to address the country’s housing deficit.

“This project is very critical to our aspirations as a nation. It aligns with what we are striving to achieve not only as Government but as a society. Our people must be well provided for in terms of accommodation,” he said.

He added that IDBZ’s efforts were “significant in reducing the housing backlog.”

Minister Ncube commended the bank for spearheading several housing projects across the country, including in Harare, Bulawayo, Kadoma, Lupane, Gwanda, Masvingo, Mutare, Chipinge and Plumtree.

“IDBZ has made an immense contribution towards housing delivery, as evidenced by the number of projects they have embarked on around the country,” he said.

He also reaffirmed Government’s commitment to supporting the bank’s financing initiatives.

“We reaffirm Government’s support for IDBZ as they go onto the market to raise funds through Real Estate Investment Trusts,” he said.

Minister Ncube described the Waneka project as a model that could be replicated nationwide.

“Waneka is a demonstration project which shows that with land from local authorities, financing and technical facilitation from development banks, and investment from the private sector, we can create sustainable housing projects. This is a model which can be replicated in other cities and towns across the country,” he said.

He further noted that the bank was playing a pivotal role in driving partnerships.

“The bank is acting as a catalyst for public-private partnerships, bringing together local authorities, Government ministries, private developers, financiers and contractors.

"It is showing how housing delivery can attract private capital while ensuring affordability and sustainability,” said Minister Ncube.

The project began in 2006 when IDBZ partnered with the City of Harare to form Waneka Properties (Pvt) Ltd, a joint venture on a 70:30 shareholding basis. The council contributed 3.2 hectares of land while the bank provided financial resources.