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*Bill and Melinda Gates Foundation loses $500 000 in Zim Bank*

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United States billionaire Bill Gates’ charity, the Bill and Melinda Gates Foundation lost almost half a million dollars after the closure of AfrAsia Bank Zimbabwe in 2015. AfrAsia Bank, which was formerly Kingdom Bank closed down when the Reserve Bank of Zimbabwe cancelled the bank’s operating licence in February 2015 after its major shareholder, AfrAsia Zimbabwe Holdings Limited voluntarily surrendered the banking licence.

The foundation lost $480 000, from the $5 million which had been donated to build low-cost houses for at least 480 families in 2010. Harare City Council’s deputy housing director Bridget Mandizha said:

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> We got $5 million and we used $3.8 million. We lost more than $480 000 when Kingdom Bank was shut down and we never recovered that. We did the best we could but we did not succeed.

> They had promised to give us $20 000 a month but the bank closed before they could do that.

Mandizha however, said that council was satisfied with the houses which it managed to build. The project was initially supposed to have been done in Mbare but had to be moved to Dzivarasekwa due to political disturbances.  Mandizha added:

> 480 families have benefited from the 280 units we have built there. Apart from building super structures, there is state of the art infrastructure not found in co-operatives.

> …there is a solar-powered borehole and we built an ECD class which is up to scratch for the community.

> It was a slum that we upgraded and we have photos of children drinking water from shallow wells and now as they enjoy borehole water that is clean

More: ZiFM News

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