Business Reporter
THE Mutapa Investment Fund’s (MIF) existence has paid off following announcements that a whopping US$40 million has been disbursed so far to support embattled entities.
The MIF, formerly known as the Sovereign Wealth Fund of Zimbabwe is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act (Chapter 22:20).It is a state-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, government transfer payments, fiscal surpluses and resource earnings.
In an update, this week, the MIF CEO Dr John Mangudya said modalities are currently under consideration to support the entities under its purview amid revelations that a whopping US$40 million has since been disbursed.
The Mutapa Investment Fund is structuring funding arrangements for various entities under its portfolio, with US$40 million already disbursed, chief executive Dr John Mangudya said.
“The idea is to improve the performance of these entities in line with the national agenda. Companies that have already benefited from the funding include the Cold Storage Company (CSC), which recently emerged from corporate rescue, ZUPCO, Silo Foods, and the National Railways of Zimbabwe (NRZ), among others,” Mangudya said.
Since its establishment, the MIF has accomplished a number of tasks which include salvaging the Cold Storage Commission (CSC) from corporate rescue and aligning several other entities towards a productive path by revamping governance and efficiency systems.
The fund manages a broad portfolio of companies from different sectors of the economy, which are divided into clusters, namely: mineral resources; energy and trading; information communication technology; transport and logistics; agriculture and industries; financial services; as well as real estate.
