Finance Minister Patrick Chinamasa has commended the Infrastructural Development Bank of Zimbabwe (IDBZ) for assisting the government in supplying housing. Chinamasa was speaking at the groundbreaking ceremony for an accommodation project at the National University of Science and Technology (NUST). The project is expected to alleviate the accommodation shortages which are bedevilling the institution.
The project is designed to house 1,480 students and will cost $12 million. It will be bankrolled by three institutional investors.
Funding is being raised through a private placement of Perpetual, Non-Cumulative, convertible participating preference shares with a fixed dividend of 5 percent. The Preference Shareholders shall share in the residual income of the project,” said Finance minister Patrick Chinamasa at a groundbreaking ceremony for the project on Thursday.
IDBZ has managed to secure funding commitments from three institutional investors who are partnering the Bank to implement the project, with the Bank contributing the land (project site) which it bought from a private owner
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Patrick Anthony Chinamasa is a Zimbabwean politician and a member of the ruling Zanu-PF party. He is the former Minister of Finance and Economic Planning .He was reappointed to the ministry after President Emmerson Mnangagwa had appointed his cabinet in November 2017.Chinamasa is former Minister... Read More About Patrick Chinamasa
National University of Science and Technology is a state owned tertiary institution located in Zimbabwe's second largest city Bulawayo in the Matabeleland province. The University is administered by the Ministry of Higher and Tertiary Education. It was the second university to be established in 1991... Read More About National University of Science and Technology