Councillors in Zimbabwe's capital Harare have approved final details of the council's joint venture agreement with South African company Neo Capital for major roads' maintenance and rehabilitation in the city.
A special purpose vehicle (SPV) named Harare Roads Development Company will be established between Neo Capital and Harare. Neo Capital will own 49% of the SPV, while the remaining 51% will belong to Harare.
The joint venture period is 30 years. A total of US$400 million will be provided by Neo Capital for the project. The company will raise financing for the project against a concession of 30 years at an annual repayment rate of $15 million.
The broader plan covers taxi, bus and light rail transport systems. Under phase II development, the e-TAG system that combines vehicle management systems such as a vehicle database, electronic monitoring and vehicle licence will be implemented. Harare has some 4,000km of tarred roads, with a significant proportion in a woeful condition because of the lack of maintenance.
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