Framework model for financing sustainable water and sanitation infrastructure in Zimbabwe

Abstract

The specific objectives of this study were three-fold: to analyse global public-private partnerships (PPP) models commonly used in providing water and sanitation services in urban settlements, and assess their applicability to the Zimbabwean context; to identify and confirm determinant factors to financing of water and sanitation PPPs in Zimbabwe; and to develop a framework for financing of water and sanitation PPPs in Zimbabwe. It was observed that diverse PPP models such as build-operate-transfer (BOT), build-operate-own (BOO), build-operate-own-transfer (BOOT), and rehabilitate-operate-transfer (ROT) concession contracts as well as management and lease contracts have been used in countries such as Nigeria, South Africa, Senegal and Namibia. Of these models, the most frequently used PPP models are the management and lease contracts especially when the physical infrastructure asset exist. Countries such as South Africa have adopted a situational approach to aligning water infrastructure projects with suitable PPP models. Using principal components analysis (PCA), the study developed a governance index (GIX) and a financial market development index (FDX). Through literature survey, determinants of water and sanitation PPP financing were identified. A blend of Poisson and Tobit regression techniques were used to empirically confirm determinants that influence water and sanitation PPP financing in Zimbabwe. In the main, financing of water and sanitation PPPs in Zimbabwe is influenced by GDP per capita, FDI, Stock market capitalisation to GDP ratio, Domestic bank credit to GDP, the ratio of bank credit to bank deposits, Non-performing loans as well as the governance variables of the control of corruption, voice and accountability and the rule of law. The PCA-developed financial development index insignificantly influence water and sanitation PPP financing. Contrastingly, the institutional governance index is confirmed to have significant influence on water and sanitation PPPs in Zimbabwe. Over and above presenting a framework to unlock financing of water and sanitation infrastructure projects in Zimbabwe, the study recommended, in view of the findings, that through the Securities Exchange Commission (SEC), structural reforms must be implemented to enhance the capacity of domestic capital markets to assimilate large public share issuance. Reforms that entail revising the stock market listing requirements to accommodate infrastructure project companies that have short operating history to facilitate their access to short and long-term financing are critical for water infrastructure development in Zimbabwe. Financial governing authorities are further advised to work on developing liquid domestic government bond market with a long-term yield curve. A long-term yield curve provides a benchmark for risk pricing in infrastructure projects. The government can work with multilateral institutions such as the AfDB in order to generate a positive signalling effect to investors that they can issue bonds on the ZSE. Furthermore, in order to diversify the portfolio of PPP sponsors, the government of Zimbabwe is advised to enforce the current legal frame works in order to improve the country’s ranking with respect to institutional quality. Relative to Chinese sponsors, European and American investors are sensitive to institutional quality prior to committing investment funds. With regard to further research, the study recognises that the scope of partnerships for water infrastructure development has metamorphosed to include other structures such as multi-stake holder partnerships (MSPs) and water operator partnerships (WOPs). Further studies can examine these forms of partnerships in detail either singularly or collectively. Source of finance discussed in this study can be disaggregated and examined to build frameworks for financing water and sanitation infrastructure in Zimbabwe or other parts of the world.

Izinjongo eziqondile zalolu cwaningo zazihlukene kathathu: ukuhlaziya amamodeli wobambiswano lukahulumeni nelizimele (BHZ) ezivame ukusetshenziswa ekuhlinzekeni ngezinsiza zamanzi nokuthuthwa kwendle ezindaweni zokuhlala zasemadolobheni, kanye nokuhlola ukuthi zisebenza kanjani esimweni saseZimbabwe; ukuhlonza kanye nokuqinisekisa izici ezinqumayo ekuxhaseni ngezimali zo-BHZ amanzi nokuthuthwa kwendle eZimbabwe; kanye nokwenza uhlaka lokuxhasa ngezimali zo-BHZ amanzi nokuthuthwa kwendle eZimbabwe. Kwaqashelwa ukuthi amamodeli o-BHZ ahlukahlukene afana no- ukwakha-sebenzisa-dlulisa (USD), ukwakha-sebenzisa-okwakho (USO), ukwakha- sebenzisa- okwakho- dlulisela (USOD), kanye noku- vuselela-sebenzisa-dlulisa (VSD) izinkontileka zemvumelwano kanye nezinkontileka zokuphatha nezokuqashisa zisetshenziswe emazweni afana neNigeria, iNingizimu Afrika, iSenegal kanye neNamibia. Kulawa mamodeli, amamodeli o-BHZ asetshenziswa kakhulu awokuphatha kanye nezinkontileka zokuqashisa ikakhulukazi uma impahla yengqalasizinda ebonakalayo ikhona. Amazwe, njengeNingizimu Afrika, asebenzise indlela ehambisana nezimo yokuhlanganisa imiklamo yengqalasizinda yamanzi namamodeli o-Bhz afanelekile. Kusetshenziswa ukuhlaziywa kwezingxenye eziyinhloko (UKE), ucwaningo lwakha inkomba yokubusa (IY) kanye nenkomba yokuthuthukiswa kwezimakethe zezimali (NYKZ). Ngocwaningo lwemibhalo, izinkomba zokuxhaswa ngezimali ko-BHZ yamanzi nokuthuthwa kwendle zihlonziwe. Inhlanganisela yezindlela zokuhlehla ze-Poisson kanye ne-Tobit zasetshenziswa ukuze kuqinisekiswe ngokusemthethweni izinqumo ezithonya uxhaso lwe-BHZ yamanzi nokuthuthwa kwendle eZimbabwe. Ngokuyinhloko, ukuxhaswa ngezimali kwama-BHZ amanzi kanye nokukhucululwa kwendle eZimbabwe kuthonywa yi-GDP ngomuntu ngamunye, i-FDI, imali ezimakethe zamasheya kuya kwesilinganiso se-GDP, isikweletu sebhange lasekhaya ku-GDP, isilinganiso sesikweletu sebhange kumadiphozithi asebhange, izikweletu ezingasebenzi, kanye njengezinguquko zokuphatha zokulawulwa kwenkohlakalo, izwi kanye nokuziphendulela kanye nomthetho. Inkomba yokuthuthukiswa kwezimali ethuthukisiwe ye-PCA ayinamthelela ongatheni kwezezimali ze-BHZ zamanzi nokukhucululwa kwendle. Ngokuphambene, inkomba yokubusa kwesikhungo iqinisekisiwe ukuthi inomthelela omkhulu ku-BHZ wamanzi nokuthuthwa kwendle eZimbabwe. Ngaphezulu kwalokho kwethulwa uhlaka lokuvula uxhaso lwezimali zamaphrojekthi wengqalasizinda yamanzi kanye nokukhucululwa kwendle eZimbabwe, ucwaningo luncome, ngokubheka imiphumela, ukuthi ngeSecurities Exchange Commission (SEC), kumele kwenziwe uguquko lwezakhiwo ukuze kuthuthukiswe amandla emali yasekhaya. izimakethe ukuze zihlanganise ukukhishwa kwamasheya omphakathi amakhulu. Izinguquko ezibandakanya ukubuyekezwa kohlu lwezimakethe zamasheya ukuze kuhlangatshezwane nezinkampani zephrojekthi yengqalasizinda ezinomlando omfishane wokusebenza ukuze zikwazi ukuthola uxhaso lwezimali zesikhathi esifushane nezesikhathi eside zibalulekile ekuthuthukisweni kwengqalasizinda yamanzi eZimbabwe. Iziphathimandla eziphethe ezezimali zelulekwa ukuthi zisebenzele ukuthuthukisa imakethe yebhondi kahulumeni ewuketshezi enejika lesikhathi eside lesivuno. Ijika lesivuno lesikhathi eside linikeza ibhentshimakhi yamanani entengo kumaphrojekthi wengqalasizinda. Uhulumeni angasebenza nenhlanganiso zezikhungo zamazwe ngamazwe ezifana le AfDB ukuze aveze impumela emihle kubatshalizimali ukuze bakhiphe amabhondi ku-ZSE. Ngaphezu kwalokho, ukuze kwehlukaniseke iphothifoliyo yabaxhasi bo-BHZ, uHulumeni waseZimbabwe uyalulekwa ukuba asebenzise uhlaka lwezomthetho lwamanje ukuze kuthuthukiswe izinga lezwe maqondana nekhwalithi yesikhungo. Ngokuphathelene nabaxhasi baseShayina, abatshalizimali baseYurophu nabaseMelika bathathela ekhanda ikhwalithi yesikhungo ngaphambi kokutshala izimali. Maqondana noluqhuba ucwaningo, ucwaningo luyabona ukuthi ububanzi bobambiswano lokuthuthukiswa kwengqalasizinda yamanzi selushintshile ukuze lufake phakathi nezinye izinhlaka ezifana nobudlelwane obubambisene nababambiqhaza kanye nobudlelwano bokusebenzisa amanzi (UBA). Ucwaningo olwengeziwe lungahlola lezi zinhlobo zobambiswano ngokujulile, kungaba ngobunye noma ngokuhlanganyela. Umthombo wezimali okuxoxwe ngawo kulolu cwaningo ungahlukaniswa futhi uhlolwe ukuze kwakhiwe izinhlaka zokuxhasa ngezimali ingqalasizinda yamanzi nokuthuthwa kwendle eZimbabwe noma kwezinye izingxenye zomhlaba.

Iinjongo ezingundoqo zesi sifundo zazintlantlu ntathu: yayikukuhlalutya iindlela zentsebenziswano yamaqumrhu abucala nakarhulumente (iiPPPs) ekunikezeleni iinkonzo zamanzi nococeko ezindaweni zasezidolophini, kujongwe nokuba zingasebenza na eZimbabwe; ukunakana nokuqinisekisa imiba elawulayo ekunikeni imali iiPPPs zamanzi nococeko eZimbabwe; kunye nokuqulunqa isakhelo sokunika imali iiPPPs zamanzi nococeko eZimbabwe. Kwaqapheleka ukuba iindlela ezahlukeneyo zonikezelo mali nolawulo lweePPPs ezifana nezo zaziwa ngezishunqulelo ezithi BOT omele ukuthi yakha-sebenzisa-dlulisela, BOO: yakha-sebenzisa-yiba ngumnini, BOOT: yakha-sebenzisa-yiba ngumnini-dlulisela kunye neROT: vuselela-sebenzisa-dlulisela ziyasetyenziswa kwamanye amazwe afana neNigeria, UMzantsi Afrika, iSenegal neNamibia. Eyona isetyenziswa kakhulu kwezi ndlela zeePPPs yindlela yezivumelwano zokulawula nokuqeshisa ngakumbi xa zikhona izibonelelo nobuxhakaxhaka bokusebenza. Amazwe afana noMzantsi Afrika, asebenzisa indlela yokusebenza apho kungqanyaniswa iiprojekthi zobuxhakaxhaka bamanzi neendlela zePPPs ezifanelekileyo. Ngokuhlalutya kuqwalaselwa imiba engundoqo (PCA), esi sifundo savela nesalathiso sokulawula (GIX) kunye nesalathiso sophuhliso lwemarike yezemali (FDX). Kwaphengululwa uluncwadi kwaze kwafunyaniswa izikhokelo zokunikela ngemali kwiiPPPs. Kwasetyenziswa umxube weendlela zohlalutyo iPoisson neTobit ukuqinisekisa imiba ekhokela ukuxhaswa ngemali kweePPPs eZimbabwe. Kuyacaca ukuba ukuxhaswa ngemali kweePPPs zamanzi nococeko eZimbabwe kufuthelwa yile miba ilandelayo, neyaziwa ngesiNgesi ngolu hlobo: GDP per capita, FDI, imarike yestokhwe kwireshiyo ye GDP, amatyala ebhanki kwiGDP, ireshiyo yetyala lebhanki kwimali engenayo. Amatyala angasebenziyo kwakunye nemiba ngemiba yolawulo lobuqhophololo, amazwi nokuphendula, kunye nolawulo lomthetho. Isikhokelo sonikezelo mali esaphuhliswa yiPCA sinefuthe elimandla kuxhaso mali lweePPPs zamanzi nococeko. Kunjalo kunje, kwaqinisekiswa ukuba isalathiso solawulo lwamaziko sinefuthe elinamandla kwiiPPPs zamanzi nococeko eZimbabwe. Ukongeza ekunikezeleni ngesakhelo sokuxhasa ngemali iiprojekthi zobuxhakaxhaka bamanzi nococeko eZimbabwe, esi sifundo sicebisa ukuba kubekho inguqu zokomeleza iimarike zemali zagaphakathi, oko kusenziwa ngokukhokelwa yikhomishini eyiSecurities Exchange Commission (SEC), ngenjongo yokubandakanya imvumelwano yoluntu jikelele. Iinguqu zokuphucula eziquka ukuhlaziya imiqathango yodweliso kwimarike yestokhwe ngenjongo yokulungiselela ubuxhakaxhaka bokusebenza kwiinkampani ezinikwa imali nezinembali emfutshane yokusebenza zifuneka kakhulu eZimbabwe. Abasemagunyeni kwezolawulo lweemali bayacetyiswa ukuba baphuhlise imarike yokubolekisa elula neyenza intlawulo ethatha ixesha elide. Intlawulo ethatha ixesha elide ibeka umgangatho kumngcipheko wokuseka amaxabiso kwiiprojekthi zobuxhakaxhaka bokusebenza. Urhulumente angasebenzisana namaziko anamacandelo amaninzi njengeAfDB ngenjongo zokukhuthaza abatyali mali ukwenzela ukuba babolekise ngemali kwiZSE. Ngaphaya koko, ukwandisa nokudala iintlobontlobo zeepotifoliyo zabaxhasi beePPPs, urhulumente waseZimbabwe ucetyiswa ukuba aqinisele izakhelo zasemthethweni ezikhoyo ngenjongo yokuphucula isimo sesizwe ngokubhekiselele kumgangatho wamaziko. Xa kuthelekiswa nabaxhasi baseChina, abatyali mali baseYurophu naseMelika bawuqwalasela nzulu umgangatho weziko ngaphambi kokunikezela ngemali. Malunga nophando oluthe chatha, esi sifundo siyaqonda ukuba intsebenziswano kwimicimbi yobuxhakaxhaka bomsebenzi kwezamanzi iyaguquguquka kwaye iquka nabanye abathathi nxaxheba njengeendibanisela zabathathi nxaxheba abaninzi (MSPs) kunye neendibanisela zabasebenzi manzi (WOPs). Izifundo ezongezelelweyo zisengaxilonga nzulu ezi ndidi zentsebenziswano ngokukodwa okanye ngokwengqokelela. Imithombo yokunikezela ngemali ingacazululwa ixilongwe ukuze kuyilwe izakhelo zokunikezela ngemali kubuxhakaxhaka bokusebenza amanzi nococeko eZimbabwe okanye kwamanye amazwe ehlabathi.