Zimbabwe: Bond to be used to fund dam

ZIMBABWE planned to use the proceeds from a proposed bond sale to complete construction of the Tokwe-Mukosi dam, which would help manage water supplies and generate hydropower, the state-run Herald newspaper reported yesterday. The government required $82 million (R906.6m) to pay for construction that had already been done and $39m for further work, the newspaper reported, citing water and finance ministers Saviour Kasukuwere and Patrick Chinamasa, respectively. Urgent work costing $13m had to be completed before the rainy season began in November, Chinamasa said. The government planned to raise the debt “soon”, Kasukuwere said, without specifying the amount or tenure of the bond. – Bloomberg