Infrastructure Development Bank of Zimbabwe
The Infrastructure Development Bank of Zimbabwe (IDBZ) is a government-owned development bank in Zimbabwe, mandated to fund long and medium term funding for key infrastructure projects, including in the areas of transportation, housing, energy, ICT, water and sanitation.[2]
| Type | Parastatal |
|---|---|
| Industry | Finance |
| Founded | August 31, 2005 |
| Headquarters | IDBZ House, 99 Rotten Row, Harare, Zimbabwe |
Key people | Willard Lowenstern Manungo Chairman Thomas Zondo Sakala Chief Executive Officer |
| Products | Loans, Equity partnerships, Infrastructure development |
| Revenue |  Aftertax:US$613 505 (2017)[1] |
| Total assets | US$188,983,280 (2017)[1] |
| Owner | Government of Zimbabwe |
Number of employees | 82 (2017) |
| Website | www |
Location
The headquarters of the bank are located at IDBZ House, 99 Rotten Row, in Harare, the capital city of Zimbabwe.[3] The geographical coordinates of the bank's headquarters are: 17°49'59.0"S, 31°02'23.0"E (Latitude:-17.833056; Longitude:31.039722).[4]
The bank maintains a branch office on the 5th Floor of First Mutual House, at the corner of 9th Avenue and Main Street, in the city of Bulawayo,[3] Zimbabwe's second largest city, approximately 438 kilometres (272 mi), south-west of Harare.[5]
Overview
The IDBZ was established 31 August 2005, taking over the assets and liabilities of the former Zimbabwe Development Bank (“ZDB”). It was founded, primarily as a vehicle for the promotion of economic development, economic growth and improvement of the living standards of Zimbabweans, through the development of infrastructure. Infrastructure includes energy, housing, transport, information communication technology (ICT), water and sanitation, among other projects. The bank serves as an infrastructure development finance institution.[6]
As of 31 December 2017, the bank's total assets were valued at US$188,983,280 with US$54,780,479 in shareholders' equity.[1] In late August 2018, the Government of Zimbabwe increased the shareholding and capitalization of the bank by US$150 million, increasing the bank's total assets to over US$330 million and shareholding to over US$200 million.[1]
Board of directors
As of September 2018, IDBZ's board of directors consisted of:[7]
- Willard Lowenstern Manungo: Chairman
- Thomas Zondo Sakala: Chief Executive Officer
- Vavarirai Humwe Choga
- Nelson Kudenga
- Joseph Mhakayakora
- Shadreck Sariri Mlambo
- Margaret Mazvita Mukahanana-Sangarwe
- Charles Simbarashe Tawha
Management
As of September 2018, IDBZ's management team was:[8]
- Thomas Zondo Sakala: Chief Executive Officer
- Desmond Matete: Director Infrastructure Projects
- Cassius Gambinga: Director of Finance
- Phillip Tadiwa: Director Corporate Services and Human Resources.
See also
References
- IDBZ (31 December 2017). "IDBZ Financials: Infrastructure Development Bank of Zimbabwe 2017 Annual Report" (PDF). Harare: Infrastructure Development Bank of Zimbabwe (IDBZ). Retrieved 10 September 2018.
- Business Reporter (5 September 2018). "IDBZ Gets $150 Million Capital Injection". The Herald (Zimbabwe). Harare. Retrieved 10 September 2018.
- IDBZ (10 September 2018). "The Offices of Infrastructure Development Bank of Zimbabwe". Harare: Infrastructure Development Bank of Zimbabwe (IDBZ). Retrieved 10 September 2018.
- Google (10 September 2018). "Location of the Headquarters of IDBZ, Harare, Zimbabwe" (Map). Google Maps. Google. Retrieved 10 September 2018.
- Globefeed.com (10 September 2018). "Distance between Infrastructure Development Bank of Zimbabwe, Rotten Row, Harare, Zimbabwe and Infrastructure Development Bank of Zimbabwe, Bulawayo, Zimbabwe". Globefeed.com. Retrieved 10 September 2018.
- IDBZ (10 September 2018). "About Infrastructure Development Bank of Zimbabwe: Bankground". Harare: Infrastructure Development Bank of Zimbabwe (IDBZ). Retrieved 10 September 2018.
- IDBZ (10 September 2018). "The Board of Directors of Infrastructure Development Bank of Zimbabwe". Harare: Infrastructure Development Bank of Zimbabwe (IDBZ). Retrieved 10 September 2018.
- IDBZ (10 September 2018). "The Management Team of Infrastructure Development Bank of Zimbabwe". Harare: Infrastructure Development Bank of Zimbabwe. Retrieved 10 September 2018.