Mnangagwa adds more parastatals to Mutapa Fund

Mnangagwa adds more parastatals to Mutapa Fund

BUSINESS REPORTER

President Emmerson Mnangagwa has added seven more parastatals to the Mutapa Investment Fund.

The new development was announced in Statutory Instrument (SI) 51 of 2024 published in yesterday’s Government Gazette.

The SI said the additions were made in terms of section 14(6) of Sovereign Wealth Fund of Zimbabwe Act [Chapter 22:20] (No. 7 of 2014) and after Mnangagwa had consulted the Mutapa Investment Fund board.

The entities that have been added include Aurex Private Limited, Export Credit Guarantee Corporation of Zimbabwe (Private) Limited, Fidelity Gold Refinery (Private) Limited, HomeLink Private Limited, HomeLink Finance (Private) Limited, Zesa Holdings Private Limited and Zesa Enterprises Private Limited.

The Mutapa Fund will be headed by outgoing Reserve Bank of Zimbabwe governor John Mangudya who is coming in as chief executive officer.

Through SI 56 of 2023, President Mnangagwa amended the Sovereign Wealth Fund of Zimbabwe Act, which included the transfer of the government’s various shareholdings in 20 entities to the fund.