Zimbabwe’s infrastructure development agenda is expected to grow significantly in the coming years on the back of domestic financing, which can drive the realisation of Vision 2030, President Mnangagwa has said.
Speaking at the official opening of the state-of-the-art Madokero Shopping Mall yesterday, the President said a prosperous middle income economy was possible if local pension funds continued to invest in such projects.
The construction of the US$7,4 million shopping mall was fully developed by the Public Service Pension Fund, and houses retail shops as well as an industrial park.
“I enthused that the Public Service Pension Fund’s infrastructure development projects dovetail with my clarion call for local institutions, in particular, pension funds, to aggressively harness our own local resources to modernise, industrialise and grow our economy,” said President Mnangagwa.
The Public Service Pension Fund has invested in similar infrastructure projects that have an impact on the economy and the livelihoods of Zimbabweans.
The most recent investment done in partnership with other financial institutions was the Palm River Lodge Hotel in Victoria Falls, which was commissioned in June.
The President said the pace at which the Madokero Shopping Mall had been constructed was impressive and showed the dedication of the investors and contractors.
“The spacious retail spaces of the mall, which have all been rented out, demonstrates the high demand for safe and modern trading infrastructure.
“In addition to providing a greater shopping experience and business transacting convenience to our communities, the mall will go a long way in spurring increased and diversified economic activities courtesy of the progressive policies and conducive business operating environment my Government is fostering,” he added.
The Public Service Pension Fund investments, said President Mnangagwa, were diversified and continued to respond to the realities and needs of everyone in line with the call to leave no one and no place behind.
The investments by the pension fund include the Sanganayi housing development, which consists of 24 blocks of flats, each with four family units, the Madokero Mall which has 24 retail shops.
Development of Phase Two, which consists of 20 additional retail chains, a hospital, filling station and 46 duplex housing units, will commence in January next year and be completed by year end.
The President said proceeds from such sustainable investments should be channelled towards the development of other new properties across all provinces.
“I am enthused that the Public Service Pension Fund has invested in supporting the implementation of high impact and transformative projects such as the Lake Mutirikwi Mini Hydro Power plant in Masvingo Province.
“This investment is set to contribute to the expansion of our country’s energy generation and supply mix, with a projected 5MW of electricity being added on the national grid,” he said.
The Public Service Pension Fund remains one of the strategic investment vehicles under the Second Republic and would create wealth for contributors and eventually reduce pension dependence from Treasury.
Public Service Commission chairman Dr Vincent Hungwe said the mall was part of ongoing initiatives that seek to contribute to the long-term welfare of Government employees.
“The Public Service Commission will be the first to admit that, in the past, we have not been adept enough to graduate our co-management of labour relations in the public sector from an auction floor pre-occupation characterised by monetary bids and counterbids, to a more wholesome and holistic engagement that generates multi-tracked initiatives to support the livelihoods of workers during their time in service and when they retire,” he said.
Dr Hungwe said the Commission and its partners had moved beyond the disagreements over cost of living adjustments to embrace the more fertile area of non-monetary benefits that translates to the growth and preservation of the value of the workers’ wages.
He added the State Service Pension Fund approved in 2018 had attained an attractive investment profile and had transformed $70,4 million seed money together with the monthly employee contributions into the current fund portfolio of $74 billion.
The mall’s new tenants expressed joy at the commissioning of the facility which will bring services closer to the people.
Eye Clinic director Ms Joselyn Matiza said the mall was a game-changer.
“We are pleased to partner with the Government, PSC and other partners who are behind this project that will benefit the locals. We will be providing eye screening and other related services as a way of giving back to the community,” she said. – The Herald
