Infrastructure Development Bank of Zimbabwe disburse $70m
23 April 2012
News Day - 23 April 2012
The Infrastructure Development Bank of Zimbabwe (IDBZ) disbursed close to $70 million to fund 32 infrastructure projects in the first three months of the year.
The bulk of the projects were in the water and sanitation sector as well as the transport sector.
In emailed responses to NewsDay, IDBZ public relations executive Priscillah Mapuranga said the first quarter performed 20% better than the first quarter of 2011 due to increased non-funded income and improved cost control.
IDBZ said operating income was at par with the forecasts.
Lending during the first quarter has slowed down due to delays in the draw-downs on lines of credit secured by the bank amounting to $40 million, said IDBZ.
Customer and market deposits grew by 84% in the first quarter from 2011.
IDBZ said government injected $9 million, following a rights issue conducted last year to capitalise the bank to carry out its infrastructure mandate.