By Wallace Mawire
Standard Bank of South Africa and Stanbic Bank Zimbabwe are the lead arrangers and lenders of the Chirundu Border Post Upgrade and Modernisation Project and have reached Financial Close for one of the country’s milestone infrastructure development initiatives.
The project is being undertaken under a Public Private Partnership between the Government of the Republic of Zimbabwe and its private-sector partner, Chirundu Border Consortium (CBC). Funding under this transaction will be utilised for the upgrade, modernisation, and operation of the Chirundu One-Stop Border Post on the Zimbabwean side of the border.
The Minister of Transport and Infrastructural Development, Hon Felix Mhona, said the achievement of Financial Close demonstrates the Government’s commitment to implementing high-impact national infrastructure projects through effective partnerships with the private sector.
“The modernisation of Chirundu Border Post will improve trade facilitation, strengthen regional connectivity and enhance the efficiency of the North-South Corridor. We now look forward to the commencement of construction and the successful delivery of this important national project,” said Hon Mhona.
Stanbic Bank Chief Executive (CE), Solomon Nyanhongo, said the leading financial institution has deep roots in Zimbabwe and across the African continent and is committed to partnering with government, business, development finance institutions and other stakeholders to deliver sustainable financial solutions that unlock growth, create shared value, and drive prosperity for Zimbabwe.
“Stanbic Bank Zimbabwe welcomes the successful achievement of Financial Close for the Chirundu Border Post Upgrade and Modernisation Project, a significant milestone in Zimbabwe’s infrastructure development journey and a testament to the potential of well-structured Public-Private Partnerships to attract private sector investment into nationally strategic projects,” said Nyanhongo.
He said the project will significantly improve efficiency at the Chirundu Border Post, facilitate trade and movement across borders, and strengthen Zimbabwe’s position as a gateway to the rest of the continent.
Nyanhongo paid tribute to the Government of Zimbabwe and CBC for creating the opportunity for Stanbic Bank to be a lending partner in this landmark and strategic initiative.
He reiterated that Stanbic Bank and the Standard Bank Group are spurred on by their vision and purpose that “Africa is our home, and we remain committed to driving the continent’s growth and development.”
Nyanhongo said Stanbic Bank has lived up to that commitment by providing innovative funding solutions for transformative energy and infrastructure projects that contribute to the country’s economic progress.
“We have financed key energy sector transactions and were also proud to play a role in the successful rehabilitation of the Beitbridge Border Post,” he said.
The Chirundu Border Post Upgrade and Modernisation Project is a strategic component of the North-South Corridor and is expected to improve the efficiency of cross-border trade and transit flows between countries in the region.
Chirundu Border Post serves as a critical gateway connecting Zimbabwe with Zambia and the broader regional market. Its comprehensive modernisation will overhaul legacy infrastructure, introduce advanced operational systems, reduce transit delays, and ensure the efficient and secure movement of passengers and freight.
The Chairman of Chirundu Border Consortium and SAFAGA International, Glynn Cohen, said Financial Close represents the culmination of extensive cooperation between the Government of Zimbabwe, CBC, SAFAGA International and its equity, financing and technical partners.
“We are grateful for the confidence placed in this Project and for the support received from the Government and all participating institutions. SAFAGA is proud to have founded and sponsored this Project, and we look forward to delivering a modern and efficient border post that will serve Zimbabwe and the wider region for generations,” said Cohen.
Founder and Group CEO of Strategic Partners Group (SPG), Mzolisi Diliza, said achieving Financial Close on the Chirundu border post PPP is a landmark transaction for SPG, adding that the institution is excited to partner on this milestone concession.
“It aligns perfectly with our strategic mandate to invest in world-class infrastructure across Southern Africa. This project naturally diversifies our portfolio and reinforces SPG’s ambition to pursue high-impact investment opportunities that drive regional trade and economic growth,” said Diliza.
Standard Bank of South Africa Executive, Energy & Infrastructure Finance, George Kotsovos, said the institution is pleased to have participated as lead debt arranger and senior lender on the Chirundu Border Post PPP project and to confirm the successful achievement of Financial Close.
Kotsovos said the achievement of Financial Close reflects Standard Bank’s confidence in the project’s underlying fundamentals, robust contractual framework, projected cash flows, and long-term ability to service its debt.
“We regard the project as a critical driver for regional integration and trade facilitation across the corridor, and we look forward to supporting the Concessionaire, sponsors, and
Government partners through construction and into successful long-term operations,” said Kotsovos.
Head of Investment Banking and Core Markets, Chungu Kaunda, said the landmark project is expected to enhance trade facilitation, improve the efficiency of cross-border movement, strengthen regional connectivity, and support economic growth along the North-South Corridor.
“We are proud to have played a role in supporting a transaction that will contribute to Zimbabwe and the region’s long-term economic development and competitiveness,” said Kaunda.
Stanbic Bank Zimbabwe was recently named Best Investment Bank Zimbabwe by Global Banking and Finance Review. The bank has played a pivotal role in facilitating capital-raising initiatives, advising on strategic transactions and enabling growth for corporates and public institutions.
