Africa-Press – Zimbabwe. Kariba – Local authorities have been challenged to align with the government’s development agenda by creating investment policies that encourage economic growth locally and nationally.
The Mutapa Investment Fund (MIF) head of finance and research, Forbes Kanogerwe made presentations on behalf of MIF chief executive officer John Mangudya saying Kariba municipality was on edge of competition in attracting investment.
He was speaking at the Mashonaland West provincial investment conference which kicked off on Thursday under the theme: Financing Kariba, Understanding the current finance environment towards best placed and bankable models theme.
“Kariba has vast land resources for investment and development. MIF portfolio companies are seeking land for expansion purposes and these include HomeLink, TelOne, NetOne, Petrotrade among other. There are opportunities for Kariba municipality to partner with the companies and investors for infrastructure development,” he explained.
Zesa Enterprises (ZENT) is putting up a US$6 million worth of a Machine Shop for Hwange Power station to improve energy sent out. “Kariba can engage for a similar shop for the Kariba Power Station in partnership with ZENT and potential investors,” he said.
ZPC concluded a public-private partnership with Jindal of India worth US$455 million to rehabilitate Hwange units 1to 6.
“Firstly, by reviving and revitalizing struggling portfolio companies, the Fund limits dependence on treasury for entities’ operational support.
National resources saved are freed for other national priorities, including disbursements towards the devolution agenda across provinces, and districts, Kariba included. Secondly, the Fund pays dividend to government, which boosts the national income for support to national projects across provinces, Mashonaland West included.
He added: “The Fund can consider for direct investment projects that fit into its investment strategy, with national importance. However, main focus at present is on reviving and revitalising
struggling portfolio companies and support well performing entities to perform even more.
“The Fund is a catalyst for economic development, leveraging on its assets to mobilize resources,” he added. He further added that Kariba and Karoi optic fibre project where deployed communications optical fibre cable that resulted in improved access to affordable internet by homes, schools, government institutions.
“We have Zimplats optic fibre project deployed communications optical fibre cable that improved access to affordable internet by homes, government institutions and mines. The Beitbridge-Harare-Chirundu link upgrade that led to improved internet penetration, increased broadband and e-government services accessibility,.
The MIF is the Sovereign Wealth Fund of Zimbabwe, the strategic investment arm of government,
The government capitalized the Fund by transferring shareholding of thirty (30) State-Owned Enterprises (portfolio companies) as initial assets of the Fund.
Ethiopia, United Arab Emirates (UAE), Dubai, and Singapore, among others have made models like Mutapa Investment Fund successful stories.
The Fund is dedicated to providing strategic leadership and oversight to the portfolio companies, to ensure value and wealth creation, and ultimately economic growth.
Kariba municipality planning technician Tapiwa Tetena told participants that the town’s master plan formulation was waiting for government approval anchored on tourism opportunities and residential and commercial properties.
“Kariba is geared towards development in housing, commercial and hospitality sector. The land and water is abundant to develop out town. We are geared towards development along Kariba dam, one the world largest man made dams,” said Terera.
Mashonaland West provincial investment conference was being held under Unlocking and Strengthening Provincial Potential Sustainability. It’s the third edition of indaba that fosters development in the mining, agriculture, tourism, energy sectors among others.
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