By Kenneth Matimaire
FINANCIAL services group, Old Mutual Zimbabwe, is looking beyond its traditional investment forte by taking up a series of infrastructure development projects, the group chief executive officer (CEO), Jonas Mushosho, has said.
Mushosho, who is also Old Mutual Rest of Africa CEO, made the remarks during the commissioning of Kupinga Hydro Power Station in Chipinge district last week.
The hydro-power plant has capacity to produce 1,6 megawatts of electricity per day, and can supply a third of the district’s power consumption.
A total of $5,7 million was invested into the energy project, and an additional $200 000 was set aside to carter for community development projects.
The hydro power plant is part of many infrastructure projects that are financially supported by the financial services firm through its investment arm, Old Mutual Investment Group.
Old Mutual has also heavily invested in other infrastructural projects, which range from housing, health and learning facilities as well as a state-of-the-art small to medium enterprises (SME) centre, currently under construction.
Mushosho said Old Mutual would continue to invest heavily in infrastructure development projects in the country.
“Old Mutual will continue to take a keen interest in the infrastructure needs of the country. We believe infrastructure in a vital cog in any value chain and as such it calls for a significant investment. Besides this investment in energy infrastructure, we also have other notable infrastructure projects in the country. We are currently developing a state of the art SME centre in Harare. This building will provide prime trading and light manufacturing space to at least 500 SMEs at any given time. And this particular SME centre is the first of its kind in sub-Saharan Africa,” he said.
“We are also cognisant of the national housing demands and through several housing schemes which we have availed, we are confident it will be reduced,” he added.
The Rusitu business centre, which had inadequate electricity for existing infrastructure, had its power transformer capacity increased to 50KVa from 25Kva by Old Mutual.
The group also constructed a multi-purpose hall at a local school in Chipinge where it also donated temporal accommodation structures.
They further partnered with the Ministry of Health and Child Care to install 10 boreholes at clinics in various wards and also donated $10 000 for the construction of Saziya Clinic.
Mushosho said the group’s investment model considers the interests of shareholders and that of the communities.
“The projects complement seamlessly our overarching investment philosophy aptly described as responsible investments, which is one of our five responsible business pillars. The philosophy ensures that shareholders and policyholders’ funds are invested in a sustainable manner that ultimately improves the lives of the communities we serve and create sustainable risk and adjustable returns,” he said.