Zimbabwe: Harare Gets U.S.$100 Million for Water
16 March 2012
allAfrica.com - March 16, 2012
HARARE City Council has secured US$100 million from the Development Bank of Southern Africa for water and sewer upgrading. The money is expected to improve water and sanitation delivery in Harare.
Before the city draws the funding it needs to advertise its intention to borrow and secure the approval of ratepayers and voters.
The city's finance committee met yesterday to approve the loan and to allow management to apply to Government for borrowing powers as well as advertise to seek approval from ratepayers and voters.
The loan with an interest rate of 8 percent per annum would be retired over 10 years with a repayment plan of US$1,2 million every month.
The loan is expected to increase water production by 130 mega litres a day and to ensure that the sewer plants and Firle and Crowborough are able to treat up to 154 mega litres of sewer a day.
City revenue from water sells will increase to about US$10 million while residents will enjoy actual water meter readings with the installation of 45 000 new water meters.