BY NOKUTHABA DLAMINI
Government has approved the development of the Masuwe Special Economic Zone in Victoria Falls by the Mosi-oa-Tunya Development Company (MOTDC), which will see the tourism city getting additional facilities such as the four-star hotel with a 5 000 seater conference venue, medical tourism facilities, a golf estate and a shopping mall.
Mosi-oa-Tunya Development Company (MOTDC) is a special-purpose vehicle that was mandated to spearhead the construction of a conference facility that hosted the United Nations World Tourism Organisation General Assembly in 2013.
Cabinet was briefed about the latest update report on
Tuesday by the Environment, Climate, Tourism and Hospitality Industry minister Nqobizitha Ndlovu, amid revelations that the multimillion project will be rolled out in phases.
“Cabinet is informing the nation that project implementation shall be rolled out in two phases,” post-cabinet minutes read.
“Phase One entails construction of bulk water supply systems for the entire Masuwe Special Economic Zone and development of internal water, sanitation, roads and storm water 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.”
It was further announced that the overall estimated project implementation period will be 24 months.
“Mosi-oa-Tunya Development Company moved to Victoria Falls in April 2022, and this is expected to accelerate project implementation and to promote tourism development in the greater Victoria Falls area,”
“The nation is further being informed that Old Mutual Life Assurance Company will construct a 4-star hotel with a 5 000-seater conference facility; medical tourism facilities; a golf estate and a shopping mall on land which the government will allocate. The project will comply with all relevant environmental statutes, including the use of solar to provide clean energy.”
The Masuwe area has been declared a Special Economic Zone in order to ensure that the project raises funds for self-financing.
“A Master Plan will be developed in order to guide implementation of the project. Government will maintain a shareholding on every portion of the land earmarked for development projects in Victoria Falls.”
In August 2020, Cabinet broadened 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% and 18.2% of gross development value and development cost, respectively.