The Procurement Regulatory Authority of Zimbabwe (PRAZ) is currently sitting on bid bonds worth $5 million with a call to the private sector to utilise this window on expected growth in a number of key sectors, particularly construction.

This comes as Zimbabwe is on a recovery path, entailing massive projects in construction and rehabilitation of existing infrastructure, but PRAZ CEO, Mr Nyasha Chizu said they have untapped bid bonds amounting to $5 million.

Traditionally, financial institutions have been at the forefront of promoting bid bonds to promote construction projects in the country with funding solutions as high as $40 million.

One year on, PRAZ is seeking to transform efficiency in the tendering process despite recording a 50 percent compliance to the new procurement law.