Zimbabwe: Cabinet Approves Investment Projects Worth U.S.$5.3 Billion

Photo: Innocent Makawa/The Herald

Information, Publicity in addition to Broadcasting Services Minister Monica Mutsvangwa addresses journalists at a Cabinet Press conference inside company of Health in addition to Child Care Minister Dr Obadiah Moyo in addition to Tourism in addition to Hospitality Industry Minister Prisca Mupfumira in Harare on November 13, 2018.

Cabinet has approved the implementation 11 investment projects worth $5,3 billion, Information, Publicity in addition to Broadcasting Services Minister Monica Mutsvangwa has said. Briefing the media after yesterday’s Cabinet meeting, Minister Mutsvangwa said work on the projects — which cut across various economic sectors — should begin immediately.

“The Chief Secretary to the President in addition to Cabinet (Dr Misheck Sibanda) circulated for the information of Cabinet a list of 11 projects which have been approved by His Excellency the President for immediate implementation after processing by the One-Stop Investment Service Centre,” she said.

“These projects include the joint venture partnership between Verify Engineering Private Limited in addition to Magcor Consortium Group of Companies on coal to fertiliser manufacturing valued at $750 million, the joint venture partnership between Verify Engineering Private Limited in addition to Magcor Consortium Group of Companies on the manufacturing of medical in addition to industrial gases valued at $5,3 million.

“Also approved is usually the joint partnership between Mindlink Holdings in addition to Government of Zimbabwe on establishment of a Bullion Bank valued at $2 billion in addition to the joint venture between Hondius Capital Management, an asset management firm in addition to the Infrastructure Development Bank of Zimbabwe on infrastructure development through establishing the Zimbabwe Infrastructure, Housing in addition to Development Bank valued at $800 million.”

various other approved projects include the Iron in addition to Steel Company of Zimbabwe (Pvt) Ltd project for manufacturing of iron in addition to steel in a Special Economic Zone valued at $1,1 billion, the Zimbabwe FINCOMECO on the establishment of a Warehouse Receipt System in addition to Agriculture Commodity Exchange in Zimbabwe ($81,365 million) in addition to a joint venture partnership between the Cold Storage Commission (CSC) in addition to Boustead Beef (Pvt) Ltd on the livestock joint farming concession ($130 million).

Afrochine (Pvt) Ltd, a Chinese company on ferrochrome will be mining in addition to smelting in a Special Economic Zone in a project worth $0 million, while Nkonyeni Agriculture will set up warehouses, an inland trading port in addition to agro-processing plant in a Special Economic Zone at a cost of $0 million.

Another Chinese firm, Suwerin (Pvt) Ltd will mine in addition to process granite in a Special Economic Zone in a project worth $20 million while Berhad Development Corporation (Pvt) will run a diamond processing, diamond training school in addition to diamond exchange trading Special Economic Zone valued at $53 million.

Minister Mutsvangwa said Cabinet also received an update on cost hikes, availability of fuel, basic commodities in addition to medicines.

“Cabinet noted that will overally, the supply of basic commodities continues to stabilise while fuel supply was at This specific point largely normal,” she said.

“However, the prices of basic commodities still remain too high. The limited availability of medicines in addition to the fact that will some pharmaceutical outlets continue to demand US dollars for their products is usually a major concern to Government. Efforts will be taken to scale up engagements between Government in addition to players inside pharmaceutical industry to come up which has a mutual agreed position. Going forward, Cabinet resolved that will the Reserve Bank of Zimbabwe should urgently assist the packaging industry as This specific is usually affecting the prices of most products in addition to that will a Foreign Currency Utilisation Monitoring Mechanism be established to monitor those companies that will are receiving foreign currency coming from the Reserve Bank of Zimbabwe. This specific was also resolved that will a re-industrialisation strategy involving targeted support for key local manufacturers to be identified through an industrial audit exercise be urgently undertaken in addition to that will ongoing efforts to boost medical supplies involving Government to Government arrangements with India, toll manufacturing in addition to various other financial facilities be expeditiously concluded.”

Minister Mutsvangwa said Cabinet received a report coming from Environment, Tourism in addition to Hospitality Industry Minister Prisca Mupfumira on her recent trip in addition to exhibition at the earth Travel Market in London.

“We are happy to tell you that will there was an award ceremony held during the event to recognise the top 10 destinations to visit in 2019,” she said.

“This specific followed a poll that will was completed in October 2018 by Lonely Planet giving Sri Lanka, Germany in addition to Zimbabwe top ratings based on the nominations of editors, researchers, locals in addition to influencers. Zimbabwe was ranked number three best tourist destination to visit inside earth next year. This specific is usually a prestigious ranking in addition to indicative of the great potential which we have as a country. The award in addition to endorsement had a huge impact on the popularity of Zimbabwe in addition to we are at This specific point expecting a follow up visit by a representative coming from Lonely Planet to come to Zimbabwe in addition to collect content for the comprehensive Lonely Planet travel guide as they do with various other destinations.”

She said Cabinet expressed concern over the recent road accident in Rusape which claimed 46 lives in addition to resolved to call for greater enforcement of the country’s road traffic regulations through the use integrated traffic management systems in addition to increased highway police patrols.

This specific was also resolved that will a Road Accident Compensation Fund be urgently set up to help ameliorate the plight of those injured in addition to the bereaved families.

“Drivers of public passenger vehicles must undergo defensive driving examination in addition to re-testing after every two years,” Minister Mutsvangwa said.

Zimbabwe: Cabinet Approves Investment Projects Worth U.S.$5.3 Billion

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