The Infrastructure and Development Bank of Zimbabwe (I&DBZ), previously known as the Infrastructure Development Bank of Zimbabwe, has undergone a rebranding, reflecting a wider mandate encompassing both infrastructure and developmental financing across every economic sector. This transition, effective from January 1, 2024, is a result of the provisions under the Finance Act, 2023.
A New Mission
The primary goal of I&DBZ is to invigorate Zimbabwe’s economic and social progress by enhancing infrastructure such as roads, dams, water systems, housing, and technology, among others. This shift from the Zimbabwe Development Bank (ZDB) to the IDBZ was necessitated by the lack of a distinct development finance institution solely dedicated to infrastructure.
Strategic Focus
The I&DBZ’s strategy revolves around developing a robust portfolio of bankable projects, expanding private sector collaborations, and augmenting funding, especially in crucial areas like water, sanitation, housing, irrigation, transport, energy, health, education, tourism, and ICT. The bank’s aim is to fortify the private sector, diversify income sources, and improve financial sustainability.
Climate Change and Community Development
Committed to mitigating and adapting to climate change, the bank is involved in the development of renewable energy projects in alignment with Nationally Determined Contributions. The I&DBZ has participated in several regional projects, such as the Bulawayo Student Accommodation Complex, projected to accommodate over 1,000 students, and the Lupane Students Accommodation Complex, requiring $19.8 million in funding.
The bank has also collaborated with Whitepear Farming Company for the Willsgrove Park Phase 2 housing project and has contributed to community development through initiatives like a solar-powered borehole for a primary school in Matobo District.