Business Reporter
CONTINENTAL supranational multilateral financial institution, Afreximbank has forged a partnership with the Mutapa Investment Fund (MIF) to mobilise up to US$50 million to support key economic sectors in Zimbabwe.
The MIF is Zimbabwe’s sole Sovereign Wealth Fund tasked with the responsibility to turnaround the country’s State Owned Enterprises (SoEs) and realign them to the high productivity cause they were known for during the country’s first two decades after independence.
The fund has about 30 SoEs under its purview and since kicking starting operations this year, a strong springboard to reignite productivity in entities under its purview.
In yet another giant step, the MIF this week roped in Afreximbank and signed a transformative Joint Project Preparation Facility (JPPF) Framework Agreement, to mobilize project preparatory funding to support financing of projects in key sectors of the Zimbabwe’s economy.
The agreement was signed by Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development, Afreximbank, and Dr. John Mangudya, CEO, Mutapa Investment Fund, and witnessed by Prof. Benedict Oramah, President & Chairman of the Board of Directors, Afreximbank Group, and Mr. Zitto Alfayo.
“Through this partnership, Afreximbank will support MIF’s portfolio of investee companies to access project preparatory funding to create a robust pipeline of bankable projects that Afreximbank, MIF and other financial institutions can readily finance.
“The collaboration marks a bold step towards unlocking investments into the energy, transport and logistics, agro-processing, solid minerals development and beneficiation services, as well as industrial and allied sectors. These sectors are key enablers for economic growth, aligning with the government’s Vision 2030 aspirations,” said Afreximbank in a statement.
Afreximbank and MIF aim to mobilize up to US$50 million in the form of project preparation funds for investments in Zimbabwe.
This new Framework Agreement builds on a longstanding partnership and solid cooperation track record between Afreximbank and Government of Zimbabwe geared towards boosting trade and investment in Zimbabwe.
