Finance Minister Patrick Chinamasa has commended the Infrastructural Development Bank of Zimbabwe (IDBZ) for assisting the government in supplying housing. Chinamasa was speaking at the groundbreaking ceremony for an accommodation project at the National University of Science and Technology (NUST). The project is expected to alleviate the accommodation shortages which are bedevilling the institution.
The project is designed to house 1,480 students and will cost $12 million. It will be bankrolled by three institutional investors.
Said Chinamasa:
Funding is being raised through a private placement of Perpetual, Non-Cumulative, convertible participating preference shares with a fixed dividend of 5 percent. The Preference Shareholders shall share in the residual income of the project,” said Finance minister Patrick Chinamasa at a groundbreaking ceremony for the project on Thursday.
IDBZ has managed to secure funding commitments from three institutional investors who are partnering the Bank to implement the project, with the Bank contributing the land (project site) which it bought from a private owner
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