Share

Zim to sign $400m road deal with SA firm

Hararre - Zimbabwe's capital Harare has agreed to sign a $400m deal with a South African company to upgrade its dilapidated road network, the state-owned Herald newspaper said on Monday.

The deal would be one of the largest infrastructure investments in a country shunned by Western governments and funding institutions such as the World Bank, because of its failure to repay billions of dollars of debt.

Harare, whose affairs are run by the opposition Movement for Democratic Change, would set up a joint venture firm, Harare Roads Development Company, with Neo Capital of South Africa to run the project for a period of 30 years, according to the Herald.

An official at Johannesburg-based Neo Capital said only the company's chief executive Vivien Natasen would give a response to the report, but he could not be reached by Reuters for a comment.

"Neo would contribute $400m for the project. The Harare Roads Development Company would get its revenue from vehicle licence and billboard activities," the Herald quoted minutes of a meeting of Harare's councillors as saying.

Harare Mayor Bernard Manyenyeni and his top officials were out of the country and unavailable for comment.

President Robert Mugabe's cash-strapped government says it requires $27bn - more than twice the size of its economy - to fund a five-year plan to improve basic services and rebuild the impoverished country's infrastructure.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.90
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.1%
Platinum
908.50
+1.3%
Palladium
1,017.25
+1.5%
Gold
2,221.02
+1.2%
Silver
24.85
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders