THE Infrastructural Development Bank of Zimbabwe has appointed Canadian infrastructural transaction advisory company, CPCS, as its co-transaction advisor ahead of the commencement of the Harare-Beitbridge highway dualisation project.
This comes after Government had earlier enlisted IDBZ, through the State Procurement Board, to be the lead financial and transactional advisor for key public infrastructure projects it is executing.
The engagement of CPCS comes after Government recently awarded the contract for the $2,4 billion dualisation of the Harare-Beitbridge highway to Swedish firm, Geiger International. Construction work will start once the rains have stopped.
IDBZ chief executive Thomas Sakala said, at a report back meeting with Transport and Infrastructural Development Minister Jorum Gumbo after its appointment by Government, that IDBZ had noted it needed certain specialist expertise it did not have.
“This is a report back to our principal to say, as you appointed us transaction advisor, we also took note of the fact that there is need for additional expertise to execute this task to satisfaction.
“Through an open international competitive process, we have appointed CPCS as our co-transaction advisors and we are here to present them to you, it is quite a strong team,” Mr Sakala said.
“Our role is to ensure that the various tasks and processes involved in getting to financial closure and thereafter implementation of the project are done in line with the best practices to ensure the country gets optimum benefit from this project.”
Mr Sakala said the project was complex and urgent, but together with CPCS, were aware that they cannot afford to fail in their mandate.
Minister Gumbo said that it was incumbent upon IDBZ to make sure that modalities for implementation were in place sooner than later and that actual works took off as quickly as was possible.
“I want to thank you Mr Sakala, as head of IDBZ, for moving with speed to make sure that we implement this project as quickly as we can and for yourself introspection, to see that while you have been appointed by the Ministry, through SPB, you also needed assistance, and you have been able to get that assistance.
“It is not only Zimbabwe that is awaiting implementation of this project, but the region as well. It is very important for Zimbabwe, naturally, but also for the regional as a whole,” he said.
CPCS global director for infrastructural projects Donald Selby said the Canadian company had extensive experience in transaction advisory, especially public private partnership projects on roads, key for successful delivery of such strategic projects.
“Hopefully, that is going to enhance we are do here. We are already working in Zimbabwe with the Ministry on the Transport Master Plan. Good infrastructure is crucial for the development of any economy.
“We are quite excited to be involved in this project, it is quite important for the country. We have a good team of experts, road engineering, traffic, legal and financial exports,” Mr Selby said.
Mr Selby said while CPCS was yet to go through the specifics of the documentation put together to enable implementation of the Harare-Beitbridge dualisation project, they were impressed with approach and proficiency in the work that has been done thus far. He, however, noted certain areas may still need to be tweaked.