Infrastructure Development Bank Of Zimbabwe Changes Name To Accommodate New Mandate
In terms of the Finance Act, 2023 (No. 13 of 2023), the bank has been renamed from the Infrastructure Development Bank of Zimbabwe to the Infrastructure and Development Bank of Zimbabwe (“the I&DBZ”) with effect from 1 January 2024.
This change of name was necessitated by the need to have a name that better reflects the bank’s broader mandate, which incorporates both infrastructure and developmental financing across all sectors of the economy.
The Transition
The transition from the IDBZ to the I&DBZ aims to enhance the bank’s execution of its mandate, which enjoins it to:
a) Promote economic development and growth, and to improve the living standards of Zimbabweans, through the development of infrastructure including, but not limited to, roads, dams, water reticulation, housing, sewerage, technology, amenities, and utilities;
b) Develop institutional capacity in undertakings and enterprises of all kinds in Zimbabwe; and
c) Support development projects and programmes in all sectors of the Zimbabwean economy.
The I&DBZ will prioritise the following areas for the effective delivery of its strategy:
- Growing a robust pipeline of bankable and shovel-ready projects to accelerate infrastructure investments in primary focus sectors: Water and Sanitation; Housing; Irrigation Development; Transport; and Energy (WHITE), as well as the secondary focus sectors which are: Health, Education, Tourism, and Information Communication Technology (ICT);
- Deepening partnerships and strengthening the bank’s balance sheet through the implementation of various capitalisation initiatives and also broadening funding sources;
- Scaling up funding support to the private sector by funding agri-businesses, mining and metals production, and various manufacturing businesses in automotive and transport equipment; chemicals, medical & industrial mineral products; and textiles & wood products sub-sectors;
- Deepening human capacity in the areas of climate finance; project preparation & structuring; and project management; and
- Enhancing the bank’s systems and ICT platforms to foster agility, efficiency, and innovation.
By scaling up funding support to the private sector, the Infrastructure and Development Bank of Zimbabwe will strengthen financial sustainability. A stronger private sector performance will ensure diversified short-term income to augment the bank’s long-term infrastructure income.