MIPF’s US$35,7m investment drive: Transforming communities, securing pensions
The Mining Industry and Pension Fund (MIPF) is making significant strides in national infrastructure development, with two US$35.7 million worth of projects nearing completion.
These initiatives, granted prescribed asset status, underscore MIPF’s commitment to both community upliftment and securing the financial future of its members.
An example of this commitment is the recently completed US$8.2 million shopping mall in Shurugwi. This modern facility, housing 20 shops, is poised to revitalise the town’s commercial landscape.
Beyond its aesthetic appeal, the mall provided employment for 120 local residents during its construction, demonstrating MIPF’s dedication to creating tangible benefits for the communities it serves.
Further solidifying its impact, MIPF’s student accommodation project at Chinhoyi University of Technology is progressing rapidly, currently at 58 percent completion. This ambitious endeavour aims to address the critical shortage of student housing, providing secure and comfortable living spaces for 1 240 students.
The facility will also include essential amenities such as a canteen, study areas, and a gym, fostering a conducive learning environment. This project directly addresses the university’s need for over 12 000 beds, showcasing MIPF’s responsiveness to pressing societal needs.
Both the Shurugwi mall and the Chinhoyi student accommodation are fully funded through MIPF’s internal cash flows, highlighting the fund’s financial prudence and strategic investment approach.
“These projects are not only expected to generate strong returns on investment but also play a vital role in preserving value for MIPF’s extensive membership.
MIPF’s investment strategy extends beyond these flagship projects.
“With over 80 properties nationwide, spanning industrial, office, retail, residential, and land bank sectors, the fund has consistently prioritised commercially viable investments that deliver robust returns. This meticulous approach has enabled MIPF to provide supplementary US dollar cushioning allowances to its pensioners, demonstrating a direct link between sound investment and member welfare.
Looking ahead, MIPF is planning to develop a new shopping mall in Gokwe, a region lacking such facilities within a 300km radius. This strategic investment promises significant returns and underscores MIPF’s proactive approach to identifying and capitalising on growth opportunities.
MIPF’s robust membership base, comprising 89 864 individuals across various categories, including active members, deferred members, preserved members, pensioners, and those with unclaimed benefits, reflects the fund’s extensive reach and impact. The fund’s commitment to its members is evident in its clear categorisation and dedication to ensuring all members receive their rightful benefits.
Through its strategic investments and unwavering commitment to its members, the MIPF is not only building a strong financial foundation but also actively contributing to the development and prosperity of Zimbabwe’s communities. Its focus on commercially viable projects, coupled with a deep understanding of its members’ needs, positions MIPF as a key player in the nation’s economic landscape.
Walter Mandeya, an analyst with Trigrams Investments said MIPF is demonstrating exceptional leadership in Zimbabwe through its strategic investments and commitment to community development.
He said the completion of the Shurugwi shopping mall and the progress on the Chinhoyi student accommodation “are testaments to MIPF’s vision and dedication to creating a positive impact”.
“These projects not only contribute to infrastructure development but also secure the financial well-being of MIPF’s members.
“The MIPF’s proactive approach and focus on commercially viable investments make it a key contributor to Zimbabwe’s economic landscape,” Mandeya said.-ebsinessweekl
