IDBZ approves US$14,4 million student accommodation project for Catholic University of Zimbabwe

By Nqobile Bhebhe, The Chronicle - THE Infrastructure Development Bank of Zimbabwe (IDBZ) has approved a US$14,4 million accommodation project for the Catholic University of Zimbabwe (CUZ), which will be constructed at its Cranborne campus in Harare.

The approval came on Tuesday, another milestone for IDBZ as it continues to pursue its efforts to finance the development of education infrastructure throughout the country.

The bank, which recently rebranded in order to sharpen its development focus, is spearheading several such projects under its University Students and Staff Accommodation Programme (USSAP), launched in 2016. These include the flagship Bulawayo Students Accommodation Complex (BSAC), among others.

Issuing the announcement on his official X (formerly Twitter) account, IDBZ chief executive officer Mr Thomas Sakala said: "The IDBZ Board of Directors has, today 15 April 2025, approved the quoted project proposal, which is under the bank's University Students and Staff Accommodation Programme (USSAP, 2016)."

Mr Sakala confirmed that the project entails the construction of eight blocks of residential apartments with a combined capacity to accommodate 1 024 students — half male and half female — at CUZ's Cranborne campus, located off Airport Road in Harare.

"As commissioned by CUZ, the project entails the construction of an eight-block complex that has the capacity to host 1 024 male and female students (50/50 percent), on their Harare Campus off Airport Road in Cranborne," said he, and noted that the project is worth a total of US$14, 4 million.

Mr Sakala further revealed that IDBZ has already committed US$1 199 654 towards project preparation and development. The funds will be paid back at financial closure.

"The bank is already in the market raising these funds. Implementation of the project will be for 24 months, and construction will be initiated prior to December 2025. The Bank will continue to provide advisory services during the project," he said.

As a development finance institution owned by the state, IDBZ is statutorily required to raise medium- to long-term finance for priority infrastructure projects in such sectors as housing, transport, ICT, energy, water and sanitation. The Chronicle