News / National
Community trust projects paying off
02 Mar 2014 at 14:44hrs | Views
The Tongogara Community Share Ownership Trust says it has carried out 20 projects worth US$3,1 million since its inception in 2011.
Developmental projects that are being carried out by the Shurugwi-based share trust are paying off, reflecting positively on the creation of share trusts by the government two years ago, the ZBC reported.
The investment vehicles were created under section 14 b of the Economic Empowerment Regulations of 2010 to ensure that indigenous Zimbabweans benefit from the exploitation of natural resources in their communities by foreign owned companies.
Presenting oral evidence before the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment, Tongogara Community Share trustee, Mrs Remina Chitengu said the trust has to date completed 17 projects, ranging from construction of properties, a school, boreholes, rehabilitation of roads and development of irrigation systems.
The share trust Legal Advisor, Mr Advent Tavenhave said projects are driven by assessing the needs of the community and sustainability.
The Tongogara Community Share Ownership Trust was created as a result of Anglo-platinum owned Unki Mine operating in Shurugwi.
It received an initial capital of US$10 million which accumulated US$1,8 million in interest.
To date, the trust has to its name total assets worth US$8,2 million.
Developmental projects that are being carried out by the Shurugwi-based share trust are paying off, reflecting positively on the creation of share trusts by the government two years ago, the ZBC reported.
The investment vehicles were created under section 14 b of the Economic Empowerment Regulations of 2010 to ensure that indigenous Zimbabweans benefit from the exploitation of natural resources in their communities by foreign owned companies.
Presenting oral evidence before the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment, Tongogara Community Share trustee, Mrs Remina Chitengu said the trust has to date completed 17 projects, ranging from construction of properties, a school, boreholes, rehabilitation of roads and development of irrigation systems.
The share trust Legal Advisor, Mr Advent Tavenhave said projects are driven by assessing the needs of the community and sustainability.
The Tongogara Community Share Ownership Trust was created as a result of Anglo-platinum owned Unki Mine operating in Shurugwi.
It received an initial capital of US$10 million which accumulated US$1,8 million in interest.
To date, the trust has to its name total assets worth US$8,2 million.
Source - zbc
