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Zanu-PFs venerable saints

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National Social Security Authority is planning to officially open the 140-room Rainbow Beitbridge Hotel

NSSA to inject over $10m in projectsJanuary 22, 2015 Business

Conrad Mwanawashe Business ReporterTHE National Social Security Authority (NSSA) expects to inject more than $10 million into

various projects countrywide including capitalisation of a new building society as part of a 10-

year development plan.This year, NSSA is focusing on a housing development in Masvingo, a

commercial centre in Chipinge and the setting up of a new building society.

All real estate projects will be collapsed into the building society once it comes on board.

NSSA general manager Mr James Matiza said about $6,3 million will be released into developing

the Chipinge commercial centre this year but total project cost is expected to top $10 million.

Our main contractor is now on site and we expect to move according to schedule, said Mr

Matiza.

The project comprises of a supermarket, office space for identified corporates and targeted

tenants include banks, some mining houses, mobile phone service providers and fast food

service providers.

NSSA will also develop a green zone or park in Chipinge.

On the building society licence, Mr Matiza said the process is progressing well.

An application for a building society licence with the Reserve Bank of Zimbabwe is at an

advanced stage. The authority is currently compiling paperwork requested by the central bank

which will lead to the issuance of the licence. The licence is expected soon, he said.

Mr Matiza said the new building society will start with an initial capital of $5 million building

towards the $20 million threshold set by the central bank for building societies.

If our application is approved by the RBZ we will then start setting up structures for the building

society including staff recruitment, said Mr Matiza.

In Masvingo, 680 residential stands will be developed. Last year the authority was working on

the sewer system and actual servicing of the stands will commence this year.

Mr Matiza said quantity surveyors are expected on site soon to ascertain the total requirements

for the project.

Focus has been given to housing projects this year in line with the Zimbabwe Agenda for

Sustainable Socio-Economic Transformation policy framework.

NSSA has a target of developing 1 000 new units per annum under Zim-Asset.

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The authority expects to officially open the recently constructed 140-room Beitbridge Hotel.

We are consulting with our minister on the official opening of the hotel, said Mr Matiza.

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