Source: Govt seeks Zim-Asset funding | The Herald December 5, 2016
Tendai Mugabe Herald Reporter
Government is pursuing numerous avenues to fund the country’s economic blueprint Zim-Asset, which requires at least $27 billion for full implementation, Chief Secretary to the President and Cabinet Dr Misheck Sibanda has said. Government is pursuing joint ventures and equity funding among its options, including loans.
Dr Sibanda said this last week after touring several companies in Harare’s Workington industrial area.
“We are going round it (funding) even through equity funding, through loans. Only yesterday (Thursday) the Minister of Transport and Infrastructural Development (Dr Joram Gumbo) launched the project on the Beitbridge-Harare-Chirundu road which is funded through equity as well as a loan,” said Dr Sibanda.
“So we are in a joint venture and that is why the President mentioned the idea of joint venture projects. This is what is happening even here. There are other ways. It is not just direct funding.
“Apart from the fund that we are trying to come up with — the Sovereign Wealth Fund — we are still in the process of mobilising resources. They are not yet there but that cannot stop us moving forward.”
The companies visited by Dr Sibanda and his delegation are Trade Kings Zimbabwe, Pure Oil Industries and Chloride Zimbabwe.
Dr Sibanda was accompanied by his deputies Dr Ray Ndhlukula and Retired Colonel Christian Katsande and senior officials from the Office of the President and Cabinet.
He said Government was supportive of joint venture arrangements giving examples of Pure Oil Industries and Chloride Zimbabwe, which have forged partnerships with foreign investors.
Pure Oils Zimbabwe has roped in two Indian firms ETG Group which have operations in 40 countries while Chloride Zimbabwe has partnered a Korean company, Cranbal Investments.
Dr Sibanda said the National Competitiveness Bill aimed at ensuring that Zimbabwe became an attractive investment destination was now ready for tabling before Parliament.
“The Bill is now going to Parliament. It has passed through the Cabinet processes. We work together with Minister (Mike) Bimha (Industry and Commerce) on the National Competitiveness Bill. The commission is already in place. It is now a question of ensuring that they abolish the Income and Pricing Commission. In fact, it’s an amendment of that so that we transform it into a competitive legislation.”
Dr Sibanda said 2017 should see actual delivery of targets outlined in the Zim-Asset economic blueprint and the 10 Point Plan enunciated by President Mugabe last year.