Zinara disburses a record $43bn for road rehabilitation

THE Zimbabwe National Road Administration (Zinara) disbursed at least $43,8 billion to Road Authorities under the Emergency Road Rehabilitation Programme 2 (ERRP2) in 2022, an increase of 21 percent from the prior year in inflation-adjusted terms.

The move comes after the road administration yesterday regularised its annual general meetings after presenting its audited financial statements for the year 2022, making the parastatal a role model for good corporate governance among Stateowned companies.

This also comes at a time when Zinara is on a rebranding drive following an adverse audit report in 2018 which flagged several corporate governance deficiencies including failure to hold regular annual general meetings.

According to the financial statements, in 2021, Zinara collected $94,3 billion in inflation-adjusted collections from road user fees as compared to $113,1 billion in 2022, marking a 43 percent increase as the business environment provided opportunities for growth post the restraining Covid-19 pandemic era.

Speaking at the Zinara annual general meeting which was held in Harare, Transport and Infrastructural Development Minister Felix Mhona, who was represented by his deputy Joshua Sacco, hailed the organisation for its unparalleled dedication to transformation in line with the National Development Strategy 1 (NDS1) and Vision 2030.

“Zinara managed to hold the 2021 annual general meeting just after the first half of the year and this year, the 2022 AGM being held today marks the conclusion of the regularisation of one of the key cornerstones of corporate governance; the publication of financials,” said Minister Mhona.

“I understand Zinara has already engaged the Auditor General for the 2023 results to ensure that they complete the whole process before the end of the first half in line with corporate governance regulations. As the parent Minister, I am pleased with this drive towards attaining right standing by the board and management of Zinara,” he said.

Minister Mhona commended Zinara for its unwavering commitment and hard work towards executing the role and mandate.