DPA and Econet to reduce carbon footprint through use of solar batteries

ZIMBABWE – Distributed Power Africa (DPA), a leading renewable energy solutions company, is targeting to reduce Econet Wireless Zimbabwe’s diesel consumption by 80% through the use of solar batteries. Several businesses in Africa have been relying on fossil fuels to sustain their operations due to erratic power suppliers, however, environmental and sustainability concerns, along with rising fuel prices, have led many companies to turn to clean and renewable energy. DPA, which was recently recognised by TowerXchange,  a thought leader in the power industry as a leading energy service company in…

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IFC in deal to boost Victoria Falls flights and promote tourism

ZIMBABWE -The International Finance Corporation (IFC), a member of the World Bank, will partner Zimbabwe’s Ministry of Environment, Climate, Tourism and Hospitality Industry in efforts to attract more airlines and flights into the country’s premier tourist destination, Victoria Falls. The partnership, which also include partners like CPCS Transcom a consultancy firm and Cape Town Air Access, a project of  Wesgro, the Tourism, Trade, and Investment Promotion Agency for South Africa’s Western Cape, is focused on helping Zimbabwe conduct data analysis and facilitate dialogue with airlines to recover and strengthen Victoria…

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Shelter Afrique and BancABC sign US$11m deal for 2,500 housing units in Zimbabwe

ZIMBABWE – Pan-African finance institution that exclusively supports the development of affordable housing and real estate sector development in Africa Shelter Afrique, has signed US$11 million housing deal with Harare-based African Banking Corporation (BancABC) that will finance construction of 2,500 housing units and help buyers get mortgage loans. According Shelter Afrique Group Managing Director Andrew Chimphondah, the facility targets construction of residential housing units home extension & improvement, onward lending to affordable housing projects, and financing small-scale commercial project such as small shopping malls. “Our Centre of Excellence research shows…

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EIB backs Zim’s CABS with US$18m facility to support businesses affected by COVID-19

ZIMBABWE – The European Investment Bank (EIB) has unveiled a €15 million (US$18 million) seven-year facility to Zimbabwe’s biggest mortgage lender, CABS, a member of Old Mutual Group, to bail out thousands of firms that have been affected by COVID-19. The intervention is part of EIB’s strategy to scale up interventions across African markets to build resilience in the region’s companies during the pandemic. It is part of an approved response strategy unveiled by European Union (EU) finance ministers after the COVID-19 outbreak in 2020. Speaking at a signing ceremony…

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Solar energy producers in Zimbabwe granted tax relief for five years

ZIMBABWE – As part of its policy to encourage investment in solar energy, the Zimbabwean government plans to exempt investors from paying taxes for a period of 5 years in addition to the exemption of import duties on solar power equipment into Zimbabwe. The Zimbabwean government wants to take its strategy of attracting investment from solar energy producers in the country a step further. The country’s Minister of Energy said the government was looking into the possibility of exempting solar energy investors from taxes for a period of five years.…

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Agri-tech startup Farmhut wins US$100,000 grant funding from Hult Prize

ZIMBABWE – Zimbabwean agri-tech startup Farmhut, has secured US$100,000 in grant funding after being selected as one of the winners of the annual Hult Prize competition. Farmhut is an AI-powered marketplace connecting farmers to markets that pay fair prices for  their produce and enables farmers to grow their business fast throughout the year, and ensures  consumers get fresh, local, and sustainably-grown food from small producers in their local area.  The company has been selected as one of 11 winners of this year’s Hult Prize, an annual, year-long competition that crowd-sources ideas from…

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Zimbabwe’s Gweru Airport, PLM Middle East sign US$176m development deal

ZIMBABWE – Zimbabwe’s Gweru Airport and PLM Middle East, a retail specialist agency, have announced a strategic partnership for airport development with a US$176 million investment plan at the 2021 Arab Aviation Summit (AAS), the region’s leading aviation and tourism industry event held at Al Hamra International Exhibition & Conference Centre in Ras Al Khaimah. The eighth edition of the summit bought together experts to discuss the impact of the pandemic on the industry, the aftermath, and the road to recovery for a stronger future, under the theme, ‘Arab Aviation…

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China’s Tsingshan Group to build iron ore mine and steel plant in Zimbabwe

ZIMBABWE – China’s Tsingshan Holding Group is set to start developing an iron ore mine and a carbon steel plant in Zimbabwe from May 2021, the Southern African country’s information minister has revealed, three years after the firm first announced the investment deal. Tsingshan signed a US$1 billion outline agreement with Zimbabwe in June 2018 to build a two-million-tonne-a-year steel plant and has been carrying out exploration and seeking more mineral concessions. The Chinese company, through its Zimbabwean subsidiary Afrochine, already produces ferrochrome, which will also be used in the…

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Afreximbank approves US$70m to finance Beitbridge expansion in Zimbabwe

ZIMBABWE – Pan-African multilateral trade finance institution African Export-Import Bank (Afreximbank) has approved US$70 million to finance the expansion and upgrade of the Beitbridge border post in Zimbabwe to boost intra-Africa trade. The Beitbridge border post between Zimbabwe and South Africa is the busiest border crossing in Southern Africa, with an average of 25,000 people and 500 trucks crossing the border every day. The border post’s upgrade will significantly reduce waiting periods that have hampered and slowed trade across Southern Africa, causing haulage operators to use longer, less efficient alternative…

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