Home » Education » ZIMBABWE NATIONAL ROAD AUTHORITY RAISES 58.6 MLN USD FOR ROAD REPAIRS

HARARE, The Zimbabwe National Road Authority (Zinara) says it has raised 58.6 million US dollars through an infrastructure bond issued to mobilize funds for a national emergency road repair programme.

The government launched a 100 million USD national emergency road repair programme in March following heavy rains which severely damaged most roads and associated infrastructure countrywide.

In an update Tuesday, Zinara said disbursements to road authorities as at mid-June stood at 45.6 million USD.

Zinara entered ithe Zimbabwe financial market for the purpose of raising short-term debt of 100 million USD by leveraging on 2017 disbursements, it said. The first tranche of the infrastructure bond of 50 million USD has already been oversubscribed with 58.6 million USD already secured, a first that Zinara is scoring on the capital markets.

Zinara said the emergency road rehabilitation works were now divided in two phases from the initial three after phase two and three were merged into one. Phase one, which has a budget allocation of 40.9 million USD, covers works of a routine nature and focuses on preserving the current infrastructure to ensure roads are in a safe condition.

Phase two focuses on periodic maintenance works and includes rehabilitation of failed sections of the road network. Interventions under this phase include resealing overlays, re-gravelling and reconstruction of cyclone damaged bridges that have remained impassable since year 2000, it said. The budget for this phase is 60.2 million USD.

Prior to the floods, most of the country's roads were already in a poor state owing to years of neglect but the government had been making efforts to rehabilitate major highways, having completed the rehabilitation of the Plumtree-Bulawayo-Harare

highway.

It has also signed a multi-million dollar deal to widen and rehabilitate the Beitbridge-Harare-Chirundu Highway.

Source: NAM NEWS NETWORK

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