Zimbabwe to set US$300m for dam construction

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The government of Zimbabwe is set to issue a US$300 million bond to help fund and speed up dam construction around the country. It is expected that the company will be launched before March-end 2015 and US$50m will be used for setting up the same. Part of the money will be used for the purchase of earth moving machinery.

According to Environment, Water and Climate minister Saviour Kasukuwere the master plan is to bring up a new local firm in the name of ZINWA Dam Construction and Design Company to administer the funds. The firm will also design and build dams in the country.

Through this company, the government will cut down the cost of dam construction by at least 60%. An example is Kunzvi Dam, whose cost is expected to go for US$ $150 million down from $400 million according to ZINWA board chairman Mr Michael Ndoro.

ZINWA Dam Construction and Design will also draw human resources expertise of ZINWA – the country’s water authority.

The country was currently spending a lot of money in paying foreing companies to carry out construction projects in the country; “We want to use our own company to build the dam sice it has the capability of doing so,” said Kasukuwere

Kasukuwere  also said that all the Preliminary documents are already in place and the funds from the bond will be used, among other things, to purchase key equipment such as earthmoving machinery.

Indian partners have already committed to releasing $18 million for the set-up costs, while the government was engaging Korea and Japan for further funding.