Zimbabwe cedes 61% stake to JR Goddard in Victoria Falls Project
CABINET has surrendered 61% stake in a joint venture with JR Goddard Private Limited for the development of bulk infrastructure project in Masuwe, Victoria Falls. Located on 1,200 hectares of state land, with the first phase (Lot 1 of Jafuta Estate) covering 271 hectares, the Masuwe Special Economic Zone is designed as a new tourism […] The post Zimbabwe cedes 61% stake to JR Goddard in Victoria Falls Project appeared first on NewZimbabwe.com.
Black News 
CABINET has surrendered 61% stake in a joint venture with JR Goddard Private Limited for the development of bulk infrastructure project in Masuwe, Victoria Falls.
Located on 1,200 hectares of state land, with the first phase (Lot 1 of Jafuta Estate) covering 271 hectares, the Masuwe Special Economic Zone is designed as a new tourism city or “integrated Business Park,” with plans to include villas, lodges, high-end residential holiday homes, a shopping mall and a hospital.
“The shareholding structure will be 39% for the Mosi Oa Tunya Development Company and 61% for JR Goddard Consortium. Cabinet noted that if implemented, the project will unlock numerous benefits to the country including catalysing high-value investment, sovereign asset utilisation, strategic diversification,” said Information Minister Soda Zhemu during a postcabinet briefing.
The proposed projects will entail the surfacing of 8km of internal road network; the upgrading of 9km of gravel roads; the construction of a 13km water-pipeline covering the entire 1,200 hectares and the neighboring communities.
“The construction of a package water treatment plant, a sewerage reticulation system, effluent re-use storage ponds, a power sub-station; and the provision of management services for the Special Economic Zone,” said cabinet.
An evaluation of the project proposal was undertaken in line with the Zimbabwe Investment and Development Agency (ZIDA) Act and the Private Public Partnership Guidelines.
Under the proposed Commercial Joint Venture (CJV), the Mosi Oa Tunya Development Company will contribute 271.5 hactares of Jafuta Estate as equity-in kind, valued at US$25.6 million.
On its part, the JR Goddard Consortium, which comprises of four companies namely: JR Goddard Pvt Ltd, Sesani Pvt Ltd; Stewart Scott Zimbabwe Pvt Ltd; and GGF Africa Pvt Ltd, will provide US$66.9 million investment for the construction of the bulk infrastructure.
The Joint Venture will incorporate a 25-year structured profit recoup period, under the management of a proportionally represented Board chaired by Mosi Oa Tunya Development Company and will be guided by the governance framework to ensure strategic alignment with the objectives of the country’s National Development Strategy 2.
The post Zimbabwe cedes 61% stake to JR Goddard in Victoria Falls Project appeared first on NewZimbabwe.com.
