Zimbabwe seeks Investment Bank to fuel growth, Minister Ncube extends invitation

11 Jun, 2024 - 13:06 0 Views
Zimbabwe seeks Investment Bank to fuel growth, Minister Ncube extends invitation Minister Ncube delivers his key note address

eBusiness Weekly

Kudzanai Sharara, London, UK

Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, has issued a clarion call to investors, urging them to establish an investment bank in the country.

Giving his keynote address at the Zimbabwe Capital Markets and Investment Promotion Conference underway here, Minister Ncube said an investment bank will unlock a range of investment opportunities and empower local businesses.

“Turning to the banking sector,” Minister Ncube stated, “we currently lack investment banks capable of driving a multitude of investment possibilities.”

By providing financial tools and expertise tailored for small and medium enterprises (SMEs) and individuals, an investment bank can play a pivotal role in fueling Zimbabwe’s economic engine, he said.

Minister Ncube went on to highlight the need for “introducing additional new instruments such as catastrophic bonds, green bonds, infrastructure bonds, diaspora bonds, and SME Infrastructure bonds.”

This invitation aligns with the Government’s broader strategy to stimulate private sector investment.

Minister Ncube emphasized several initiatives designed to attract investors including Public-Private Partnerships (PPPs) and Independent Power Producers (IPPs).

He said Government actively seeks private sector collaboration across various sectors, fostering economic growth through joint ventures.

“The Government actively supports IPPs in the renewable energy sector, offering Government Implementation Agreements (GIAs) to facilitate project development, said Minister Ncube.

Further, a range of incentives are available to investors in Special Economic Zones (SEZs), including tax holidays, import duty exemptions, VAT deferrals, and reduced withholding tax. In the extractive sector, mining companies can access some of these incentives by focusing on beneficiation, adding value to raw materials before export, the Treasury boss said.

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