Staff Writer
The Export Credit Guarantee Corporation of Zimbabwe (ECGC) and the Construction Industry Federation of Zimbabwe (CIFOZ) have signed a Memorandum of Understanding (MOU) as part of ECGC’s reaffirmation of its collective commitment to reinforcing the foundation of Zimbabwe’s construction industry through improved financial security and accessibility.
ECGC’s Managing Director, Sekai Chirume, during the signing ceremony, said the construction sector holds a crucial position in the nation’s economic growth, influencing infrastructure development, generating employment opportunities, and fostering innovation.
“We bear in mind that developing infrastructure is one of the fundamental principles to drive the nation to an upper-middle-income economy.
“Nonetheless, obstacles persist in obtaining sufficient financial security to support large-scale projects and sustainable development.
“This partnership between ECGC and CIFOZ is founded on a shared vision: to create a stronger, more resilient construction industry by ensuring that industry players have access to construction bonds and guarantees that safeguard their projects,” she said.
She added, “Through the MOU, we will streamline security solutions, provide better risk mitigation mechanisms, and empower contractors with the confidence they need to undertake ambitious developments.”
Chirume said ECGC has already demonstrated its dedication to this mission by supporting public sector projects like the Emergency Road Rehabilitation Programme, with reference to road linkages like the Harare-Beitbridge Highway, a crucial transport artery for trade and economic activity in our country.
“This key government project has seen crucial support being rendered that enabled contractors to meet their obligations while ensuring high-quality standards and timely delivery.
“ECGC is synonymous with many of these successful public sector initiatives, from dam construction, irrigation projects and many public infrastructure developments,” she said.
She added that beyond the public sector, ECGC has played a fundamental role in supporting private sector infrastructure projects, enabling businesses to expand commercial and industrial developments, and building residential and commercial housing clusters, upmarket shopping malls, schools, and modern headquarters for financial institutions.
Chirume said these initiatives are proof of ECGC’s unwavering commitment to a strong and resilient construction industry.
“To the members of CIFOZ, your dedication and expertise are the foundation upon which Zimbabwe’s future is built.
“This agreement ensures that you have greater access to increased and dedicated support and a trusted ally in ECGC as you continue shaping the nation’s infrastructure,” she highlighted.
In addition, “To our partners at ECGC, this initiative stands as proof of our unwavering commitment to fostering economic progress through security provision and quality insurance services.
“We understand the role that guarantees and bonds play in ensuring projects are completed efficiently and successfully.
“With this collaboration, we are reinforcing that trust and enabling growth across the construction industry,” said Chirume.
Cifoz’s CEO Martin Chingaira said the federation does not want just to partner with anyone for the sake of having these various MOUs; hence, the organisation has done its best to identify ECGC since the early 2000s.
“You have been in the market when you were promoting export credit insurances for those who wanted to go outside Zimbabwe to do business.
“You have been coming to us to say you can actually give that insurance, and people have been reporting back to the association to say ECGC is the way to go.
“Currently, as we are talking, I think there’s a lot of feedback coming from our members on the basis that they are happier working with ECG than working with the agents who also claim to say they are agents of ECGC, but when we work with you directly, it appears as if our members are getting the professional service, and also the ease of doing business is actually seen here at ECGC,” he said.
He added, “Your process is professional, and we came to a conclusion to say it’s time for us to consider the partnership.”
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