Riverside, NUST Accommodation Success: Mthuli Ncube Hails Public-Private Partnership Triumph!
Finance and Economic Development Minister Prof. Mthuli Ncube has praised the joint efforts of public and private institutions in filling the critical gap in the market and said that the $20 million construction at National University of Science and Technology (NUST) is a sign of economic growth in the country.
Prof Ncube said this after touring the recently completed state-of-the-art student accommodation hostel at Riverside. He stated that the project, a Public Private Partnership between Infrastructure Development Bank Zimbabwe (IDBZ) and private sector partners, aims to inject positive dynamism into the local and national economy, bringing immense social benefits to the university community.
“What was also interesting about this project is that it is a public private partnership, in the sense that the leader being the IDBZ, which is a public institution, then you have private sector institutions partnering it such as old mutual,” he said.
Moreover, commending the project’s success, Ncube emphasized the necessity of providing affordable and quality accommodation for students. He recognized the role played by higher education institutions like NUST, as well as others, in creating a demand for such residences. The project, which commenced two years ago, has already brought forth remarkable results despite its relatively short duration and required an investment of around 20 million US dollars.
Public-Private-Partnership
One of the major highlights of this undertaking lies in its unique public-private partnership (PPP) model. Acting as the project leader, the IDBZ, a public institution, joined forces with private sector entities such as Old Mutual. Ncube acknowledged the significance of PPPs in addressing coordination challenges and promoting collaboration between the public and private sectors.
The management contract for the Riverside student accommodation hostel was awarded to reputable organizations like Jim Nutt in the motor industry pension funds, as well as other pension funds including the catering industry pension fund. This partnership between public and private entities showcases the power of government institutions teaming up with private sector enterprises to achieve common goals.
Positives of the Project
From an economic perspective, Ncube stressed the positive implications of the project. The sizable investment injected into the construction sector fueled economic growth and job creation. The presence of the Riverside student accommodation facility not only addressed the accommodation needs of students but also aligned with the pillars of the National Development Strategy Agenda (NDSA).
Speaking about the significance of student accommodation, Ncube said, “Providing comfortable and conducive living environments for students is crucial, not only for their development but also for the overall upliftment of skills in our country.”
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Additionally, he highlighted the government’s commitment to promoting higher education and skills development, particularly in the sciences.
Furthermore, Ncube emphasized the importance of innovation hubs in universities. He revealed that all ten universities in the country, including NUST, have introduced innovation hubs, demonstrating the government’s push for advancements in science, intellectual property creation, and economic growth. The presence of quality accommodation facilities like the one at Riverside plays a pivotal role in enabling students to thrive and contribute to the generation of scientific discoveries.
State-of-the-Art Amenities
The Riverside student accommodation hostel, with its state-of-the-art amenities and conducive learning environment, signifies a remarkable step towards bridging the gap in the student accommodation market. It serves as a testament to the collaborative efforts of both public and private entities in fulfilling the needs of students while fostering economic growth and skills development in the country.
As Ncube concluded his tour of the Riverside student accommodation hostel, he expressed his optimism for the future, stating that “investing in student accommodation is a tangible investment in our nation’s future, as it nurtures and empowers the next generation of professionals and innovators.”
Lastly, with the completion of the Riverside project, it is evident that public-private partnerships have the potential to address critical societal needs, showcasing the successful combination of government initiatives and private enterprise for the greater benefit of the nation.
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