Zimbabwe News and Internet Radio

CBZ wins $2bn tender to refurbish varsities

By Blessings Mashaya

Zimbabwe’s largest banking group, CBZ Holdings (CBZ), has won a $2 billion infrastructure bond tender to refurbish the country’s tertiary institutions.

Customers wait for cash at a CBZ branch in Harare (Picture by NewsDay)
CBZ branch in Harare (Picture by NewsDay)

This comes as the institutions critically need investment in infrastructure rehabilitation.

“CBZ has been selected as the successful bidder and the duly contracted lead financial advisor for the ministry with effect from March 1, 2017,” Higher and Tertiary Education ministry secretary Machivenyika Mapuranga told a news conference in Harare yesterday.

“The duration of the consultancy is . . . for . . . one year, renewable on mutually agreeable terms,” he said, adding that “ten responses were received. Letters of advice were sent to the State Procurement Board and the Finance ministry”.

The financial services company will raise funds to support the ministry’s initiative which involves development and training high-end skills, construction of students and staff accommodation, and the setting up of laboratories, workshops at State universities, teachers colleges, polytechnics and industrial training colleges.

Zimbabwe’s  tertiary education sector comprises 20 universities, 15 teachers’ colleges, eight polytechnics, and five industrial training centres with a combined student population of 152 529  and staffing of 18 153.

The institutions require at least 562 student hostels and 10 836 staff houses.

According to Mapuranga, due process was taken to award CBZ – involved in mortgage finance, asset management, short and long term insurance, and commercial banking – the billion dollar tender.

“The lead financial advisor is required to produce, in close liaison with ministry…, a comprehensive feasibility study to support the structuring of bankable business case (a prospectus) that is able to catalyse the necessary commitment from domestic and offshore financial investors,” Mapuranga said. Daily News