IDBZ awaits Banking Act amendments

HARARE - The Infrastructure Development Bank of Zimbabwe (IDBZ) says it awaits finalisation of the Banking Act amendments before it can recapitalise in line with Reserve Bank of Zimbabwe requirements.

This comes as the institution was placed under the supervision of the central bank beginning this year.

Priscillah Mapuranga, IDBZ’s public relations executive, told businessdaily that the institution  was established by and governed in terms of the Infrastructure Development Bank of Zimbabwe Act (Chapter 24:14), and as such is different from all other private sector commercial banks.

“A framework under which the IDBZ will be regulated by the Reserve Bank of Zimbabwe (RBZ) under the Banking Act is thus being developed ensuring that regulatory aspects of the central bank supervisory role

ensure alignment of the monetary and banking aspects of the IDBZ operations at the same time allowing for the institution to fulfil its statutory mandate in long-term infrastructure finance,” she said.

“The IDBZ will stand guided by this framework once in place,” added Mapuranga.

Recently, RBZ governor John Mangudya said under the new and improved Banking Act — designed to strengthen the supervisory and regulatory framework — the IDBZ is supposed to comply with the $100 million capital requirements by 2020.

“With effect from January 2, 2015, the Infrastructure Development Bank of Zimbabwe and Small & Medium Enterprises Development Corporation were brought under the supervisory purview of the Reserve Bank of Zimbabwe through amendments to the Banking Act, (Chapter 24:20). This means that the two institutions will now be required to comply with the Reserve Bank’s regulatory requirements,” said Mangudya in his monetary policy statement.

Mapuranga, however, noted that in pursuance of its statutory mandate, the IDBZ was undertaking a number of infrastructure projects in 2015.

“These include energy projects where the bank is already mobilising funding for the refurbishment of the existing Kariba South Hydro Power Station and the re-powering of the Harare Thermal Power Station,” she said.

 

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