Diasporans launch US$500m effort

A group of Zimbabweans living outside the country has pooled resources together as they seek to raise US$500 million for key infrastructure.

The Diaspora Infrastructure Development Group will assist and collaborate with Government to unlock foreign capital and technical solutions for the development of critical infrastructure.

The company is made up of technocrats, most of them based in South Africa.

DIDG executive chair Mr Donovan Chimhandamba said the company targeted roads, rail, water, power and communications.

“Currently we are working on something in the space of transport and water infrastructure space with funding in place for more than $500 million,” he said.

Mr Chimhandamba said the investment holding company was formed late last year and registered in South Africa adding that they were also eyeing setting base in Zimbabwe.

He said the demand for efficient infrastructure was driven by global dynamics and not domestic income or demand.

“There is a serious business case to be made for investment into infrastructure that integrates the regional economies.

“Zimbabwe, being landlocked, is not a weakness, but a strength and if its infrastructure is developed to world class standards this will see the country coming up as the region’s capital connecting Sadc’s East to West and North to South economic corridors,” he said.

Mr Chimhandamba said they had a dedicated team of experts, with all the members having been involved in entrepreneurship and starting up successful companies and had experience working with local and international financial institutions.

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