THE Infrastructure Development Bank of Zimbabwe (IDBZ) has concluded the acquisition of 100 hectares of land across the Masvingo-Beitbridge highway for the development of housing projects.

Last year, the infrastructure development institution announced that it had set aside $30 million for housing development projects across the country.

In a statement, IDBZ said the successful acquisition of the land in Masvingo now paves way for the bank to embark on the Clipsham Views Phase II.

“The successful purchase of the 100 ha from the Ministry of Local Government, Public Works and National Housing for Phase II of the development will be for a mixed use development comprising the following: medium and low density stands, medical and academic staff accommodation facilities,” said the financial institution.

Clipsham Views will also comprise a commercial centre, hospital and medical facilities, tertiary students’ accommodation facilities, as well as institutional and public amenities.

“IDBZ is happy to announce the successful completion of Clipsham Views Phase I low density housing project,” it said.

The financial institution said it was now in the process of finalising engagement of various teams of consultants required to undertake the survey and planning stages of the project before embarking on development and site servicing during the second half of the year.

In 2016, Treasury approved IDBZ’s request to issue bonds of over $100 million in the next five years for it to undertake infrastructure development projects.

Some of the areas earmarked for the housing projects include Harare where 370 stands will be serviced, Kariba which will deliver in excess of 1 000 stands while Hwange will have 1 000 stands in Empumalanga suburb.

Last year, IDBZ commissioned a $12 million student accommodation project in Bulawayo.

In the housing development scheme, the bank is servicing stands before prospective home seekers can start building their properties.

The country has a housing backlog of about 1,25 million units.

In the past, the bank courted foreign shareholders to attain a $250 million equity capital as it sought to strengthen its capital base.