Zimbabwe: CBZ Bank Commits U.S.$100m for Harare-Chirundu Highway Rehabilitation

CBZ Bank has committed US$100 million towards the rehabilitation and upgrade of the strategic Harare-Chirundu Highway as part of efforts to accelerate infrastructure development along Zimbabwe's key trade corridors.

The details were revealed by CBZ Holdings chief executive officer Lawrence Nyazema at an event held on Monday to share the group's first-half financial performance.

The funding forms part of Zimbabwe's broader US$400 million infrastructure loan facility aimed at fast-tracking major national trade corridor projects.

The full rehabilitation of the 356-kilometre Harare-Chirundu corridor is estimated to require about US$900 million.

The funding is being structured through a local financial partnership and will be ring-fenced against ZINARA toll collections, protecting general public finances.

The Harare-Chirundu corridor serves as Zimbabwe's primary gateway to the North-South Corridor, linking trade flows between South Africa, Zimbabwe, Zambia and the Democratic Republic of Congo (DRC).

The rehabilitation and upgrade of the highway is expected to improve connectivity and reduce regional transport and logistics costs.

"In my mind, the biggest problem that we have had for the past 20 to 30 years in Zimbabwe is inflation. Therefore, once we manage our inflation, it means other aspects of the economy can grow. This year we are expected to get at least US$2 billion coming in from diaspora inflows, from export flows," Nyazema said.

Meanwhile, CBZ's lines of credit declined from US$159 million to US$115 million during the period following the repayment of one facility.

However, the bank secured an additional US$150 million in new lines of credit, with drawdowns already taking place.

Total banking assets increased by more than US$100 million during the first six months of the year, taking the bank's asset base to US$1.5 billion from US$1.4 billion.

The group's overall asset footprint had reached ZWG40.81 billion in the first quarter, with CBZ leveraging its strengthened balance sheet to accelerate its digital transformation.

Deposits grew by 20.3% to US$1.2 billion, up from US$1 billion in June 2025.

Despite the growth in deposits and assets, post-tax profit declined by 18% to US$26.7 million.

Read the original article on New Zimbabwe.