Harare City Council seeks permission to borrow $100 million

Harare City Council is seeking permission to borrow $100 million through municipal bonds to finance various service delivery initiatives, which include housing schemes, clinics and a new sewer treatment works.

The local authority intends to make the application in terms of Section 290 (3) of the Urban Councils Act (Cap.29:15). The notice reads:

Notice is hereby given in terms of Section 290 (3) of the Urban Councils Act (Cap.29:15), council resolved to borrow a sum not exceeding $100 million by way of Municipal Bonds for purposes specified hereunder.

The allocation of the money is as follows:

• $30 million to upgrade council houses in Geneva and Zororo (Highfield), Joburg (Mbare) and Tafara.
• $25 million for the construction of Lyndurst Sewer Treatment Works.
• $15 million to replace water pipes
• $10 million to upgrade sewer lines.
• $5 million for a City Centre Maternity Clinic, and a similar amount will be reserved for city clinics.
• Gazaland Home Industry, construction of Hatcliffe farmers market and Kuwadzana Home Industry will take $600 000, $700 000 and 900 000, respectively.
• $800 000 and $2 million for the construction of Mufakose Home Industry and Mbudzi Roundabout Flea Market

More: Herald