Type of Bank: Infrastructure Development Bank
Date of Establishment: 31 August 2005
The Infrastructure Development Bank of Zimbabwe (“IDBZ”) was established on the 31stAugust 2005, and is governed, by an Act of Parliament, the Infrastructure Development Bank of Zimbabwe Act [Chapter 24:14]. The Bank was set up as a successor organization to the Zimbabwe Development Bank (“ZDB”), but with an expanded mandate mainly focusing on infrastructure development as the anchor in further stimulating and supporting the economic and social development of Zimbabwe.
The bank was primarily set up as a vehicle for the promotion of economic development and growth, and improvement of the living standards of Zimbabweans through the development of infrastructure, which includes but not limited to roads, dams, water reticulation, housing, sewerage, technology, amenities and utilities.
The Bank’s corporate objectives as prescribed by the IDBZ Act [Chapter 24:14] are:
- to promote economic development and growth, and to improve the living standards of Zimbabweans, through the development of infrastructure including, but not limited to, roads, dams, water reticulation, housing, sewerage, technology, energy, amenities and utilities;
- to develop institutional capacity in undertakings and enterprises of all kinds in Zimbabwe; and
- to support development projects and programmes in infrastructure sectors of the Zimbabwean economy.
In addition to the principal act, the institution is also guided by the Public Finance Management Act, [Chapter 22:19], No. 11 of 2009 and the Corporate Governance Framework for State Enterprises and Parastatals of November 2010, in its day to day operations.
With effect from 2 January 2015, IDBZ was brought under the supervisory purview of the Reserve Bank of Zimbabwe through amendments to the Banking Act, [Chapter 24:20].
Government of Zimbabwe 87.24%
Reserve Bank of Zimbabwe 12.43%
Local institutional investors and foreign development finance institutions 0.33%
Chairman: Mr. Willard Manungo
Chief Executive Officer: Mr. Thomas Zondo Sakala
Auditors : Deloitte & Touché, Chartered Accountants
Number of employees: 82
Number of branches : 2