Mutapa investment to set up stabilisation fund

THE Mutapa Investment Fund (MIF) has stated that as part of the Government’s long-term economic stabilisation policy it is focused on establishing a stabilisation fund to bolster the nation’s economic growth and development in alignment with the goals of Vision 2030.

Through promoting good corporate governance and reinvesting profits into viable and profitable entities, the MIF aims to foster economic development and stability in Zimbabwe.

Dr John Mangudya, the Chief Executive Officer of MIF, affirmed in a statement during the launch of its operations in Harare yesterday that MIF is dedicated to advancing national interests and generating wealth for the country.

The launch of the fund marks a significant development in Zimbabwe’s economic landscape.

“Mutapa Investment Fund aims to promote good corporate governance and performance within all its portfolio companies, ensuring their commercial viability for the benefit of all Zimbabweans,” said Dr Mangudya.

“At a group level, Mutapa Investment Fund will prioritise understanding the needs of entities under its armpit, reinvesting profits for the continuous growth and development of the nation.

“The Fund is poised to play a pivotal role in shaping the economic landscape of Zimbabwe, driving growth and creating value and wealth for the benefit of all citizens and future generations.”

He highlighted that MIF, with a capable executive team, is poised to have a notable influence on the nation’s economy.

MIF is Zimbabwe’s Sovereign Wealth Fund, prioritising value and wealth generation for the country’s benefit. The fund’s core principles of transparency, accountability, excellence, commitment, integrity, and teamwork underscore its dedication to achieving exceptional results in value and wealth creation.

Lithium

“The vision of Mutapa Investment Fund is to create a sustainable and profitable entity that serves the national interest above all. The fund’s core values of transparency, accountability, excellence, commitment and integrity guide all decision-making processes, with a focus on achieving sustainable performance and team work for the benefit of all Zimbabweans.

“We need to safeguard national assets and to sweat them for the greater good of the Zimbabwean economy,” said Dr Mangudya.

As a key objective in the long-term economic stabilisation policy of the Government, MIF is dedicated to building a stabilisation fund that will support the nation’s economic growth and development in line with the aspirations of Vision 2030.

By promoting good corporate governance and reinvesting profits into viable and profitable entities, the fund aims to drive economic development and stability in Zimbabwe, said Dr Mangudya.

Dr Mangudya expressed confidence in the newly appointed team, saying, “We believe that we have assembled competent individuals who will be able to steer the fund to success for the benefit of our dear country.

“Our goal is to generate value and wealth for the current and future generations in order not to leave anyone and no place behind in stabilising the national economy and promote overall economic development in Zimbabwe,” said Dr Mangudya.

MIF boasts a strong leadership team, including a board headed by Dr Chipo Mtasa and an executive team comprised of seasoned professionals.

The fund has been found to be necessary in any economy as a way of ensuring inter-generational equity such that current wealth can be passed on to future generations.

It will become more handy given the country’s endowment with its natural resources such as gas, lithium, gold among others. The fund will also be used as a way to create the Government balance sheet to put value to State assets.

MIF was established under the Sovereign Wealth Fund of Zimbabwe Act and is owned by the Republic of Zimbabwe, as set out in Section 2 of Section 3 of the Act.

Being a sovereign wealth fund, the fund’s objectives are to make secure investments for the benefit and enjoyment of future generations of Zimbabweans, to support the development objectives of the government, including its long-term economic and social development, to support fiscal or macro-economic stabilisation, and to contribute to the revenues of Zimbabwe from net returns on its investments.

MIF owns shareholding in 20 state-owned enterprises, including the National Railways of Zimbabwe (NRZ), NetOne, and People’s Own Savings Bank (POSB), among others.-chronicle.