Africa-Press – Zimbabwe. THE Mutapa Investment Fund deployed US$100 million to its portfolio of State entities in the nine months to September 30, 2025, as it pushes to turn more than half of these into profitable enterprises.
In February, Mutapa disclosed that its portfolio comprises assets valued at over US$20 billion, drawn from more than 20 State-owned entities (SOEs) under its management.
These SOEs span mining, agriculture, energy and financial services.
These firms include mines, agricultural entities, energy utilities, and financial services firms.
The Fund aims to leverage this asset base to mobilise over US$1 billion to support programmes under the newly launched National Development Strategy (NDS) 2.
According to NDS 2, revamping SOEs will be central to structural transformation, particularly in agro-processing, mining, fertiliser production, water treatment chemicals, veterinary chemicals and timber industries.
Finance, Economic Development and Investment Promotion minister Mthuli Ncube said in the 2026 National Budget Statement that the Fund was already showing results.
“The establishment of the Sovereign Wealth Fund, the Mutapa Investment Fund, is beginning to bear fruit, as significant strides have been achieved towards reviving and strengthening State-owned entities under its ambit during its first year of operation,” Ncube said.
He said the Fund had eased working capital constraints through direct capital injections, partnerships and joint ventures.
“As of September 2025, over US$100 million had been deployed to the entities under the management of the Fund to boost operations and achieve commercial viability, transforming 53% of the SOEs into profitable entities,” Ncube said.
Mutapa is billed to anchor the drive toward an upper-middle-income economy by 2030 by establishing a National Stabilisation Fund to support the development objectives.
Ncube said the Fund was addressing key SOE challenges, including governance shortcomings, regulatory non-compliance, access to finance, weak financial management and human capital deficits.
To enhance transparency and attract foreign investment, Mutapa joined the African Sovereign Investors Forum in June 2025, becoming its 17th member, with plans to join other global investment bodies.
Under NDS 2, Mutapa will continue providing financial and technical support to implement SOE turnaround plans and improve operational performance, service delivery and citizen satisfaction.
It will also ensure improved operational and financial performance, service delivery and citizenry satisfaction, in line with performance targets.
The Fund will also pursue partnerships and joint ventures, dispose of or acquire equity where necessary, and consider listing high-performing entities on the stock exchange to deepen capital markets and unlock value, Ncube said.
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