ZB Bank is seeking to partner the Harare City Council in a massive water infrastructure renewal project aimed at reducing non-revenue water and to improve revenue inflows.
It is reported that the deal, whose figures have not yet been revealed, will first see a memorandum of understanding between ZB Bank Capital and Harare.
However, Environmental Management Committee members want to see a presentation from the firm before they reach for an agreement.
“The proposal came through to our committee but we said we they need to come through and do a presentation before we agree on an MOU. Presentation should be on Monday (next week),” committee chairperson Councillor Kudzai Kadzombe told The Anchor.
According to recent council minutes, officials from ZB Bank Capital approached the acting Harare Water Director Engineer Mabhena Moyo, with the proposal to finance the project.
“The proposal included the replacement of some water distribution pipes and water meters in targeted areas. With an aged water distribution infrastructure, the City of Harare would explore the proposal by ZB Bank in order to arrest the runaway levels of non-revenue water in the distribution system.
“The signing of the Memorandum of Understanding (MOU) would facilitate negotiations between the City of Harare and ZB Bank Capital for the funding and project implementation modalities.
“The Committee discussed the matter and expressed the need for ZB Bank to make presentation at its following meeting,” reads part of the minutes.
If the proposal pulls through, it will go a long way in improving water supplies to residents as it is reported Harare loses so much water through several burst pipes.
In its 2020 budget, the Harare City Council proposed $1.485b for water, sanitation and hygiene projects and of that amount, $772,4m will go towards water services.