In partnership with
All data is delayed
See More

Zim to issue $30m bond for power utility

Oct 24 2012 09:27

Harare - Zimbabwe’s state-owned infrastructure bank said on Wednesday it will float a $30m bond to raise funds for the national power utility, as the country grapples with electricity shortages that have crippled industry.

Infrastructure Development Bank of Zimbabwe (IDBZ) said in a statement it would float the three-year bond with a 10% fixed rate on October 29.

“It was resolved that the focus of the bond issue be on the power sector, which is a key enabler in the economy,” IDBZ said.

Zimbabwe’s infrastructure - including roads, railways, dams and power plants - has been starved of finance due to a decade of economic collapse, which eased somewhat with the formation of a power-sharing government in 2009.

Earlier this year, Finance Minister Tendai Biti said the country would float $100m bonds to rehabilitate its aged infrastructure.

zimbabwe  |  power supply



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote