News / National
'Mutapa Fund will become Zimbabwe's economic bedrock'
09 Dec 2024 at 07:03hrs | Views
Finance, Economic Development, and Investment Promotion Minister, Mthuli Ncube, has expressed strong confidence in the future of the Mutapa Investment Fund (MIF), highlighting its potential as a key driver of Zimbabwe's economic development.
The MIF, Zimbabwe's State-owned Sovereign Wealth Fund (SWF), was established to pool resources including public equities, commodity royalties, and government allocations, with the aim of investing for the nation's future. Its history dates back to 2014 when the Sovereign Wealth Fund Act was enacted, marking the beginning of a strategic initiative to invest for future generations while supporting the country's broader development goals.
In his recent 2025 National Budget presentation, Minister Ncube outlined the progress made by the MIF and its role in shaping Zimbabwe's economic future. "The Mutapa Investment Fund, as the country's Sovereign Wealth Fund, is poised to contribute to the country's economic growth and development by leveraging on strategic sector investments to create long-term sustainable value in sectors, which include mining, energy, and manufacturing," Ncube stated.
Ncube also revealed that the fund's management portfolio has expanded significantly. The total number of portfolio clusters under the MIF's management now stands at six, encompassing a diverse range of sectors: mineral resources; energy and trading; information communication technology (ICT), transport and logistics; agriculture and industries; financial services; and real estate.
He highlighted that the MIF has been actively pursuing a robust pipeline of transactions aimed at enhancing the value of companies within its portfolio. As of March 31, 2024, the approximate gross value of the Fund's investment portfolio was reported at US$16 billion.
"One of the major mandates of the fund is to ensure sound corporate governance, transparency, accountability, and ethical business practices across all its portfolio of companies with clear delineation of roles between the Board and management," Ncube said, emphasizing the fund's commitment to maintaining high standards of governance.
The Treasury Minister also noted the MIF's success in arranging governance and board inductions for key state-owned entities such as PetroTrade, Zimbabwe Electricity Supply Authority (ZESA), and the National Railways of Zimbabwe (NRZ). These initiatives are part of the fund's broader goal of enhancing the efficiency and performance of critical public enterprises.
Looking ahead, Ncube assured that the operations of the Mutapa Investment Fund will continue to be guided by all relevant legislation, including full adherence to the provisions of the Public Finance Management Act, ensuring that the fund operates with the utmost transparency and accountability.
With a focus on strategic investments and long-term sustainability, the MIF is expected to play a pivotal role in strengthening Zimbabwe's economic foundation and fostering development across multiple sectors, ensuring benefits for future generations.
The MIF, Zimbabwe's State-owned Sovereign Wealth Fund (SWF), was established to pool resources including public equities, commodity royalties, and government allocations, with the aim of investing for the nation's future. Its history dates back to 2014 when the Sovereign Wealth Fund Act was enacted, marking the beginning of a strategic initiative to invest for future generations while supporting the country's broader development goals.
In his recent 2025 National Budget presentation, Minister Ncube outlined the progress made by the MIF and its role in shaping Zimbabwe's economic future. "The Mutapa Investment Fund, as the country's Sovereign Wealth Fund, is poised to contribute to the country's economic growth and development by leveraging on strategic sector investments to create long-term sustainable value in sectors, which include mining, energy, and manufacturing," Ncube stated.
Ncube also revealed that the fund's management portfolio has expanded significantly. The total number of portfolio clusters under the MIF's management now stands at six, encompassing a diverse range of sectors: mineral resources; energy and trading; information communication technology (ICT), transport and logistics; agriculture and industries; financial services; and real estate.
"One of the major mandates of the fund is to ensure sound corporate governance, transparency, accountability, and ethical business practices across all its portfolio of companies with clear delineation of roles between the Board and management," Ncube said, emphasizing the fund's commitment to maintaining high standards of governance.
The Treasury Minister also noted the MIF's success in arranging governance and board inductions for key state-owned entities such as PetroTrade, Zimbabwe Electricity Supply Authority (ZESA), and the National Railways of Zimbabwe (NRZ). These initiatives are part of the fund's broader goal of enhancing the efficiency and performance of critical public enterprises.
Looking ahead, Ncube assured that the operations of the Mutapa Investment Fund will continue to be guided by all relevant legislation, including full adherence to the provisions of the Public Finance Management Act, ensuring that the fund operates with the utmost transparency and accountability.
With a focus on strategic investments and long-term sustainability, the MIF is expected to play a pivotal role in strengthening Zimbabwe's economic foundation and fostering development across multiple sectors, ensuring benefits for future generations.
Source - dandc.eu
