Zinara clears US$206m road debt

Freeman Razemba and Nyore Madzianike

THE Zimbabwe National Road Administration has fully repaid a US$206 million loan from the Development Bank of Southern Africa, which funded the rehabilitation of the 800-kilometre Plumtree-Bulawayo-Harare-Mutare highway.

The clearance of the 15-year financial obligation, finalised on September 30, is expected to restore Zimbabwe’s international financial credibility and unlock fresh funding for infrastructure projects.

Speaking at Zinara’s 10th Annual General Meeting in Harare, board chairperson Dr George Manyaya confirmed the debt had been repaid.

He stated that the successful repayment demonstrated to prospective global financiers that the country honoured its sovereign obligations. The loan, secured in October 2011, funded construction works managed under Infralink, a joint venture between Zinara and the South African construction firm Group Five International.

The highway serves as a critical east-west transport corridor, linking Zimbabwe’s western border at Plumtree to Mutare in the east.

Transport and Infrastructural Development Minister Felix Mhona commended the board’s financial management.

He announced that the Government has secured a US$400 million CBZ Infrastructure Bond, backed by ring-fenced Zinara funds, to accelerate outstanding road projects.

Minister Mhona noted that while this bond will target strategic corridors, additional capital is required to improve urban mobility and accommodate growth in the agricultural and mining sectors.

The Minister highlighted Zinara’s corporate governance achievements, noting that the parastatal has secured its third consecutive clean external audit.

To reduce tollgate congestion, Zinara is widening toll lanes and expanding electronic tag services. Future digital initiatives will include the roll-out of an e-wallet and a single licence disc system to streamline transactions for motorists.

Zinara continues to fund works on several other major transit routes, including the Harare-Beitbridge, Harare-Kanyemba, Harare-Nyamapanda, Bulawayo-Victoria Falls, Harare-Chirundu, and Kwekwe-Nkayi-Lupane highways.

Source: Zinara clears US$206m road debt – herald

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