In a bid to revamp the National Sports Stadium and end the country’s embarrassment of playing international matches outside its borders, the government is exploring innovative financing options through the Victoria Falls Stock Exchange.
According to the Deputy Minister of Finance, Economic Development and Investment Promotion, Kudakwashe David Mnangagwa, the government is in talks with private sector players to create a vehicle that can be listed as a right on the Victoria Falls Stock Exchange.
This move is expected to allow pension funds, private players, and Zimbabweans in general to crowdfund for the refurbishment of the National Sports Stadium.
Zanu-PF MP Farai Jere asked the Deputy Minister about the government’s plan to renovate the National Sports Stadium, given the country’s embarrassment of having to play international matches outside of Zimbabwe due to the stadium’s state of disrepair.
Jere, the Caps United owner, who is also Zanu PF’s Murehwa West legislator, pointed out that while US$12 million is required to complete the job, US$5 million can make the stadium usable.
The government’s plan, according to Mnangagwa, is to raise the necessary capital to holistically transform the stadium into a world-class facility rather than just a usable one.
The government has already budgeted for the stadium’s refurbishment, and disbursements are being made according to the schedule of contracts in place.
The Deputy Minister assured Parliament that the government is committed to finding a lasting solution to the stadium’s woes and that plans are underway to ensure that the stadium is refurbished to international standards.
The government hopes to replicate the success of similar instruments that have been used to finance other projects, such as the construction of Highlands Park and several shopping malls.
“These instruments, Hon. Speaker, have been very successful, our rights have seen the construction of your Highlands Park, a few shopping malls and we have seen this to be an expedient way to raise the capital needed to holistically sort the issue that we are facing with the National Sports Stadium.
“It is indeed a priority but we have realised that if we join hands with the private sector, we can get closer to running the stadium commercially but also getting private sectors involved in what could be a lucrative investment.
“These are some of the measures that we are making in addition to the budgetary allocations,” Mnangagwa said.
The development comes as Zimbabwe’s sports fraternity has been crying out for a decent stadium to host international matches.
The country’s premier stadium has been in a state of disrepair for years, forcing the national team to play their home matches in foreign lands.
But 20million for wicknel is available