The Chirundu Border Post upgrade and modernisation project has reached financial close, paving the way for the transformation of one of Zimbabwe’s key gateways for regional trade.

Standard Bank of South Africa and Stanbic Bank Zimbabwe are the lead arrangers and lenders for the project, which is being implemented through a Public Private Partnership between the Government of Zimbabwe and Chirundu Border Consortium.

The financing will support the upgrade, modernisation and operation of the Chirundu One-Stop Border Post on the Zimbabwean side of the border.

Transport and Infrastructural Development Minister Felix Mhona said the financial close demonstrated government’s commitment to using partnerships with the private sector to deliver major infrastructure projects.

“The modernisation of Chirundu Border Post will improve trade facilitation, strengthen regional connectivity and enhance the efficiency of the North-South Corridor. We now look forward to the commencement of construction and the successful delivery of this important national project,” said Mhona.

The Chirundu Border Post is a critical link between Zimbabwe and Zambia and forms part of the North-South Corridor, a major regional trade route connecting countries in Southern and Central Africa.

The upgrade is expected to replace ageing infrastructure and improve border operations, with the aim of reducing delays and making the movement of passengers and freight more efficient.

For traders and transporters, improved operations could mean shorter delays when moving cargo between Zimbabwe, Zambia and other regional markets.

Stanbic Bank Zimbabwe chief executive Solomon Nyanhongo said the project demonstrated the potential of PPPs to attract private investment into major national infrastructure projects.

“Stanbic Bank Zimbabwe welcomes the successful achievement of Financial Close for the Chirundu Border Post Upgrade and Modernisation Project, a significant milestone in Zimbabwe's infrastructure development journey and a testament to the potential of well-structured Public-Private Partnerships to attract private sector investment into nationally strategic projects,” said Nyanhongo.

He said the project would improve the movement of goods and people while strengthening Zimbabwe’s position as a gateway into the region.

Nyanhongo said Stanbic Bank and its parent group, Standard Bank, remained committed to supporting infrastructure development across Africa.

The bank has previously participated in major infrastructure projects in Zimbabwe, including energy projects and the rehabilitation of the Beitbridge Border Post.

Chairman of Chirundu Border Consortium and SAFAGA International, Glynn Cohen, said the financial close followed extensive cooperation between government, CBC, SAFAGA International and the project’s equity, financing and technical partners.

“We are grateful for the confidence placed in this Project and for the support received from the Government and all participating institutions. SAFAGA is proud to have founded and sponsored this Project, and we look forward to delivering a modern and efficient border post that will serve Zimbabwe and the wider region for generations,” said Cohen.

Strategic Partners Group founder and group chief executive Mzolisi Diliza said the project formed part of the institution’s broader focus on infrastructure investment in Southern Africa.

“It aligns perfectly with our strategic mandate to invest in world-class infrastructure across Southern Africa. This project naturally diversifies our portfolio and reinforces SPG's ambition to pursue high-impact investment opportunities that drive regional trade and economic growth,” said Diliza.

Standard Bank of South Africa executive for Energy and Infrastructure Finance, George Kotsovos, said the bank was pleased to participate as lead debt arranger and senior lender.

He said the financial close reflected the bank’s confidence in the project’s contractual arrangements, projected cash flows and long-term ability to service its debt.

“We regard the project as a critical driver for regional integration and trade facilitation across the corridor, and we look forward to supporting the Concessionaire, sponsors, and Government partners through construction and into successful long-term operations,” said Kotsovos.

Head of Investment Banking and Core Markets Chungu Kaunda said the project was expected to improve trade facilitation and cross-border movement while strengthening regional connectivity.

“We are proud to have played a role in supporting a transaction that will contribute to Zimbabwe and the region's long-term economic development and competitiveness,” said Kaunda.