The Infrastructure and Development Bank of Zimbabwe (IDBZ) has approved a significant US$14.4 million project to construct new student accommodation at the Catholic University of Zimbabwe (CUZ) Harare campus in Cranborne. This development, sanctioned recently, marks another step in IDBZ’s ongoing commitment to bolstering educational infrastructure across the nation.
As part of its University Students and Staff Accommodation Programme (USSAP), launched in 2016, the recently rebranded IDBZ is spearheading several similar initiatives, including the Bulawayo Students Accommodation Complex (BSAC).
The approved project for CUZ will involve the construction of eight accommodation blocks with the capacity to house a total of 1,024 students, equally divided between male and female residents. The new complex will be located at the university’s Cranborne campus, situated off Airport Road in Harare.
IDBZ has already invested US$1,199,654 in project preparation and development, funds that will be reimbursed upon financial closure. The bank is currently in the process of raising the necessary capital for the project. Implementation is projected to take 24 months, with construction slated to commence before the end of 2025. Throughout the project lifecycle, IDBZ will continue to provide advisory services.
As a state-owned development finance institution, IDBZ’s mandate includes mobilizing medium- to long-term funding for crucial infrastructure projects spanning various sectors, including housing, transport, ICT, energy, and water and sanitation. This latest investment in student accommodation underscores the bank’s commitment to supporting the educational sector and addressing the pressing need for adequate student housing.
