03-16-17 by Spotlight Zimbabwe

Zim gov’t, foreign financial institutions sign investment MOU

HARARE— The government has signed a memorandum of understanding (MOU) with three foreign financial institutions to facilitate investment through joint ventures, state media reported Wednesday.

The Herald newspaper reported that the MOU, which would leverage on the country’s natural resources, was signed by the Chief Secretary to the President and Cabinet Misheck Sibanda and representatives of South Korean institutions Global Trade Finance and Natrabank/Bullion Bank of Africa and the United States-based Rosenthal Group.

Zimbabwe is currently reforming its ease of doing business in a bid to attract foreign investment.

Sibanda said that the three institutions would discuss economic and investment opportunities spanning across financing, development, construction of infrastructure, agribusiness, mining, manufacturing, power, transport and water, among others.

“Against an array of administrative and legislative reforms currently being implemented by government within the context of ease of doing business, it is envisaged that this form and magnitude of investment will turn around the fortunes of the country within the next few years,” Sibanda said.

Global Trade Finance president Kumja Lee said focus would be on investments that created employment and hoped that discussions for the establishment of a bank would start in the next few days.

“We want to help in infrastructure development (and) manufacturing and also take advantage of your vast minerals to create employment for young people,” she said.



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