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.