US$1m for Sakubva Renewal Project

AFTER suffering several setbacks in the past few months, the Sakubva Urban Renewal project is expected to officially commence in the immediate future with release of the first tranche of US$1 million. The money is part of the US$8 million facility which is expected to be released as soon as the financiers have done the necessary due diligence.

The first tranche will be used to construct three blocks of flats in the initial phase of the project.

Mutare City Council and Plan Infrastructure Development (PID) are co-promoters on the project which is being funded by BancABC.

The project was supposed to have kicked off at the end of March, but hit a snag due to the ongoing Covid-19 national lockdown.

Although other projects with National Project Status have continued to be rolled out during the lockdown, the Sakubva Urban Renewal project implementers could not move on site as the funds were yet to be released by the financier, BancABC.

PID architecture and infrastructure planner, Mr Hillary Mukaratirwa, said there was a minor problem with the title deeds for the land, thus delaying financial closure on the bank’s part.

“We provided everything to the bank, but the committee discovered a minor problem with the land’s title deeds. However,

that has now been sorted. We are now waiting for the bank to finish off their paperwork so that we can get the US$1 million which will be used to construct three blocks of flats in the initial phase of the project. We expect to be on site by the last week of June,” he said.

He said once the fund is exhausted, the developers will make another drawdown on the facility.

Mr Mukaratirwa said as they await funding, they have engaged authorities on how to operate as they will be employing many people on site.

The Urban Renewal Project is an initiative which seeks to modernise the old and run-down suburb of Sakubva and turn Mutare into a Smart City in line Government’s Vision 2030.

The project will see the construction of high rise flats, revamping of Sakubva Flea Market, Sakubva Bus Terminus, Murahwa Green Market Home Industries and Sakubva Vegetable Market.

Mutare City Council has availed 225 hectares of land for the initiative.

BancABC chief executive, Dr Lance Mambondiani said they are committed to financing the project despite the delays experienced in its commencement.

“We are committed to this project and we are on course to achieve what ◆

we set out to do.

“As what happens with financing for all projects of this nature, we experienced some setbacks during the Covid-19 national lockdown period. This was not restricted to BancABC only, but many banks were affected. But there is full commitment and once we finalise work being done, funds will be made available,” he said.

Although he could not disclose when the funds will be released, Dr Mambondiani said he will visit the site in Mutare today (Friday) to make an assessment of the project.

“We will be in Mutare on Friday for a final assessment and once we are satisfied, we believe everything will be in place for the project to commence in full swing,” he said.