A council finance and development committee report tabled
in October shows that HCC also owes CABS Bank $2,595 billion and a loan balance
of $6,259 million for road maintenance equipment.
Harare also owes FBC Bank $2,603 million for a road
maintenance equipment loan, and an overdraft facility of $5,012 million.
“A total of US$144,4 million was owed (to) China Exim Bank
for Morton Jaffray Waterworks refurbishment, of which US$72,2 million had been
committed and no repayments had taken place,” the report read in part.
The waterworks project is touted as the panacea to the
water crisis in the city.
Between January and July 31 this year, debtors were
reported at $11,736 billion, with actual collections for the period amounting
to $5,213 billion.
Harare has failed to pay the Chinese loan that was shrouded
in controversy amid reports of exaggerated prices and underhand dealings.
Instead of channelling the money to the actual project, the
HCC was reported to have acquired top-of-the-range vehicles for senior staff,
including the town clerk and chamber secretary.
Critics, including legislators, argued that the vehicles
had nothing to do with the said project.
The Chinese have frowned upon the alleged abuse of the loan
facility. Newsday
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