Cabinet approves Victoria Falls’ Special Economic Zone
Pretty Manyewe
The development of the Masuwe Special Economic Zone in Victoria Falls by the Mosi-Oa-Tunya Development Company was on Tuesday approved by Cabinet.
The latest development is expected to accelerate project implementation and promote tourism development in the resort town.
Mosi-oa-Tunya Development Company (MOTDC) is a special-purpose vehicle mandated to spearhead the construction of a conference facility that hosted the United Nations World Tourism Organisation General Assembly in 2013.
In a post-cabinet-brief yesterday, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said Cabinet had noted and received an updated report on the Mosi-oa-Tunya Development Company Feasibility Study on the Development of the Masuwe Special Economic Zone.
Sometime in 2020, the government extended the mandate of the company to cover tourism infrastructure development in Victoria Falls.
“The company subsequently entered into a Joint Venture Partnership with Old Mutual Life Assurance Company for financing a Feasibility Study for the development of backbone infrastructure for the Masuwe Special Economic Zone, measuring 1 200 hectares. The feasibility study appraisal indicated that the development project is viable, with an acceptable profit margin of US$57 696 447.00 which is 15.5 percent and 18.2 percent of gross development value and development cost, respectively,” she said.
The project is expected to be rolled out in two phases.
“Phase One entails the construction of bulk water supply systems for the entire Masuwe Special Economic Zone and the development of internal water, sanitation, roads and stormwater drains at an estimated total cost of US$120 million. Phase Two will witness the development of the remaining 930 hectares at approximately US$85 million. The overall estimated project implementation period is 24 months,” she added.
Senator Mutsvangwa also informed the public that Old Mutual Life Assurance Company would construct a four-star hotel with a 5 000-seater conference facility; medical tourism facilities; a golf estate and a shopping mall on land which Government will allocate.
The Masuwe area has been declared a Special Economic Zone in order to ensure that the project raises funds for self-financing.
The government will maintain a shareholding on every portion of the land earmarked for development projects in Victoria Falls.
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