Skip to main content

SA Banks grab opportunity to fund upgrade of Beitbridge Border

 

Zimbabwe finance minister, Prof Mthuli Ncube, confirmed that leading South African banks are part of the funders behind the project for the upgrade of Beitbridge border. In a tweet on Saturday afternoon (13 Feb 2021), Prof Ncube cited RMB, ABSA, Nedbank, and Standard as part of the SA banks that are behind the project which will see the Beitbridge border upgraded for a cost of almost 300 million USD.

Prof Ncube also added that the investment was a sign of confidence in the economy of Zimbabwe. But whether the syndicate of SA banks have confidence in the Zim economy is point that tweeps fiercely contested in a string of comments to the minister's tweet. Some users pointed out that the that investment was a loan which would need to be paid backs. Others pointed out that the banks saw an opportunity which was missed by local banks. Other still expressed fears that the main beneficiary of the upgrade would be the SA economy as they already enjoy a net positive balance of trade with Zimbabwe.

Whatever the case may be the facts are clear. Beitbridge border is one of the busiest over the land borders in Southern Africa, serving an average of 25000 people and 500 trucks on a daily basis. At present, travellers and trucks experience considerable delays and discomfort at that border. The proposed upgrade will among other things result in faster clearance of travellers and trucks, introduce automated payment systems to reduce fraud and enhance trade between the two countries.

The upgrade was designed as a concession project whereby the contractor will build and operate the border post for 17.5 years and transfer to the government of Zimbabwe. The concession project was won by ZimBorders. So, the banks mentioned by the minister of finance are providing the funding to Zimborders who are in charge of the project.

 

Labels:

Comments

Post a Comment

Popular posts from this blog

Prophet Magaya Discovers HIV Cure

PHD ministries leader prophet Magaya says he has discovered a cure for HIV. Speaking at a service cum press conference the PHD leader announced to his congregants that he has discovered Aguma which cures HIV. Foreign journalists from Zambia, South Africa, Swaziland and Ghana were among those who got a chance to ask the prophet questions. In this article we comment on the questions that were asked. They included question about the, composition of the drug, cost, safety and efficacy of the drug.  What Is Prophet Magaya's HIV Cure? The HIV cure of prophet Magaya is composed of herbs. According to him two years ago, he prophetically discovered one herb from Zimbabwe and another from Mozambique. They are said to have been shown to contain phyto-chemicals which fight HIV. Prophet Magaya added his cure is also effective against cancer. When asked about the exact identity of the components of the drug Magaya refused to reveal exact identity. In his defence he mentioned that it was...
Post a Comment
Read more

How I got conned by a Zimbo Bolt driver in JNB

 I am a Zimbabwean transited through Johannesburg in the past few days and got conned by Zimbo Bolt taxi driver. As I had a layover of  about 18 hours it was clear for me: First I needed to get a taxi from the airport to Ecohotel, sleep over night and find my way back to the airport around 10:00 on 11 Jul 2021. Having succeeded at the first task, I asked the reception how to get a taxi to take me to the nearest mall so I could have a decent breakfast at the Mugg & Bean (zvangu zvekuda zvinhu). She told me that I had to download the Bolt App which would locate a genuine, and reasonably priced ride. The app is slightly complex, collecting both telephone and bank details. With the help the receptionist, a slim lady of warm spirits, I managed to identify the number belonging to the sim card I had purchased from the airport. Then I also entered the details for my Visa card. In few minutes I was waiting for my ride which was being driven by a verified driver, whose I immediately...
1 comment
Read more

Half time is hardly time to hang one's boots: ZimElection 2018

The elections have come is all that one can say regarding the Zimbabwe harmonized elections of 2018. The 'and gone' part is hard for the main parties involved. Zanu pf have accepted victory with president tweeting that he was humbled by the support of the zimbabwean people. Several foreign politicians including Juluis Malema, Cyril Ramaphosa, Lungu of Zambia have already tweeted their congratulatory messages. However Zanu pf aligned varakashi on social media have not yet moved on. They are still engaged in a seemingly more heated rakashing than before. Making one wonder why. Are they  somehow aware that for the MDC and for the majority of Zimbabweans it is not over so they are somehow trying to run a counter intelligence campaign? Are they more aware of the challenges that riddled this election that they can see how easily what they say they have may be reversed soon? There are many more questions one could ask but what remains is that even Zanu varakashi are not hanging their ...
2 comments
Read more