Friday, 11 May 2018

$150 MILLION FOR COMMAND HOUSING

GOVERNMENT has issued a $150 million bond to kick-start the Command Housing Programme, which is part of Zanu-PF’s sustainable development programmes to deliver more than a million houses by 2023.

The ruling party launched its election manifesto last week where it outlined sustainable projects in health, water and housing among others with a target of attaining a middle income economy by 2030.

Officiating at the 43rd annual Zimbabwe Association of Pension Funds (ZAPF) in Victoria Falls, Local Government, Public Works and National Housing Minister, Cde July Moyo, urged pension schemes to partner Government and local authorities in capital infrastructure development projects. He commended some pension schemes that are already involved in infrastructure development in partnership with Government.

“I urge the pension industry to also partner with Government and local authorities in the funding of projects. We are launching the Command Housing Programme started by President Mnangagwa by issuing a bond for $150 million,” said Cde Moyo.

“The Minister of Finance and Economic Development has already signed the instruments for the bond issuance by UDCORP.”

The Minister said the housing project was an ambitious initiative as it entails the whole build up environment including commercial, industrial and residential.

He said Government had approved a “new city” concept design north of Harare, adding that there was a need to issue more bonds to revamp industry. Cde Moyo said Government was calling on equity participation and asset investment for industry including water and sewer development. He said pension funds play a key role primarily by contributing into securities, real estate, hedge funds, bonds, stocks and equities and other investments making them a cornerstone for economic development.

Cde Moyo expressed concern over loss of value of pension funds due to the adoption of multi currencies which led to conversion of savings. He also called for adoption of good corporate governance in the sector. Chronicle 

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