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SA mall investor to assess bond notes impact

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HARARE


Augur Investments’ planned $100 million shopping mall in Harare north will only take off after the South African investor assesses the economic impact of bond notes. This comes after the Environmental Management Authority recently gave Augur Investments the green light to proceed to build the shopping mall in Harare’s Borrowdale suburb. There had been concerns that part of the area on which the mall will be built is a wetland, but there now seems to be consensus among all parties that adequate precaution has been taken to preserve the environment. Augur investments chairman Ken Sharpe said last Friday while EMA had given the all clear for the project to proceed; after recommendation from Government, the developer now wants to assess the economic impact of bond notes. The Reserve Bank of Zimbabwe has indicated that bond notes, which are an export incentive and part of measures monetary authorities, are pursuing to resolve liquidity and cash shortages will be introduced in October. Sharpe said McCormick Property Development of South Africa, developers and financiers of the project, had expressed worries about the economic situation Zimbabwe, more so, the planned introduction of bond notes. The Mall of Zimbabwe project, to be completed at an estimated cost of $100 million, had also been approved by the City of Harare, which had issued it with a development permit after conducting its own EIA over a year ago. –  Herald

 

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