It entered into a joint venture with EasiHold whereby we would provide new parking equipment, upgrade the infrastructure, and supply the technical expertise to financially turn the parkades around and manage on-street parking. The deal was 60% of profit for the City and 40% for us.
Since then, parking revenue in the city has increased by 367% per month. EasiHold has invested $1,2 million worth of new parking equipment and assets. The joint venture company, EasiPark Harare (Pvt) Limited, has generated net profit before taxation of $1,2 million between March 2010 and December 2011. Of this 60% belongs to the City of Harare, an amount of $775,555 – but will only be distributed once the external auditors have completed their year-end audits.
The City of Harare banked $763,102 in cash into its own bank account between August 2010 and December 2011. This has resulted directly from the on-street parking equipment and systems supplied by EasiHold.
EasiPark Harare has created 310 new jobs and trained over 400 citizens in parking management, equipment operation, and customer service. In addition we have cleaned up downtown Harare, removed all those who used to harass motorists, managed the physical upgrades to the parkades, painted 2,500 new parking bays and erected 305 new parking signs throughout the managed area.
EasiHold has also provided all the technical specifications and engineering drawings to the City for the redevelopment of the Mbare Bus Terminus, Market Street, Cameron Street and 4th Street Taxi ranks. Sadly, the City has to date not fulfilled their commitment to do the civil works as required at these taxi and bus termini for parking control equipment to be installed. – Mike Clark, Director, Easihold, Harare
Post published in: Letters to the Editor