KEY POINTS
- Government partners with investors to build modern student accommodation at CUT.
- Varsity Heights addresses a significant accommodation shortage for students.
- New infrastructure projects include smart classrooms in four schools.
The Chinhoyi University of Technology (CUT) has set a milestone by becoming the first university in Zimbabwe with a modern accommodation facility for students, thanks to a partnership between the government and private investors. The new Varsity Heights residence, worth $8.8 million, now accommodates 384 students.
Collaboration drives infrastructure growth
Varsity Heights was made possible through the investment from the Public Service Pension Fund, which holds an 80 percent stake in the project.
The facility was conceived by First Mutual Holdings to address the chronic accommodation shortage for students. Other partners in the project include First Mutual Life, First Mutual Health, Deloitte Pension Fund, Nicoz Diamond, and the Local Authorities Pension Fund.
President Emmerson Mnangagwa officially opened the residence and an administration block at CUT, applauding the achievements made possible by reconfiguring the Public Service Pension in 2018.
“The Fund is fast becoming a profitable investment vehicle, not just for buildings and infrastructure but for the economic growth and prosperity of our people,” Mnangagwa said.
He also called for further investment in infrastructure across the country, including district and ward-level commercial properties, to boost rural development and modernization.
A model of public-private partnership
Public Services Commission chairperson Vincent Hungwe highlighted that Varsity Heights is a demonstration of the government’s commitment to innovative management of public funds.
“This ownership structure underscores our determination to strengthen the fund and secure benefits for civil servants across Zimbabwe,” Hungwe stated.
Thomas Mutswiti, General Manager at First Mutual Wealth Management Pvt Ltd, emphasized that the construction of Varsity Heights was driven by research into student needs. “With a student population of over 10,000 at CUT and only 1,200 rooms available on campus, the gap was an opportunity for investment in infrastructure,” Mutswiti explained.
Furthermore, the project has involved a mix of investors, including the Public Service Pension Fund and several companies under First Mutual. Mutswiti clarified, “First Mutual Wealth is not a direct investor but rather manages the funds from various contributors to make such investments possible.”
More projects underway
Mutswiti also hinted at further projects in collaboration with the Public Service Pension Fund and other First Mutual entities. “We are currently developing additional accommodation facilities to help alleviate the housing shortage faced by students and, in the process, contribute to broader economic growth.”
The construction of 12 blocks of smart classrooms in four schools across the state was also announced during the event. Also, these blocks will enhance the education infrastructure and are part of the broader efforts to improve educational facilities across the country.
According to New Zimbabwe, Governor Mnangagwa reiterated the importance of ensuring that educational investments are directed toward the neediest institutions. In addition, he noted, “We have revisited our infrastructure projects to prioritize schools that have faced the most significant challenges, ensuring equitable distribution of educational resources.”
