HARARE – Afreximbank and Mutapa Investment Fund (MIF) have launched a US$50 million Joint Project Preparation Facility (JPPF) to support project development in Zimbabwe’s key economic sectors.
This initiative aims to mobilise project preparatory funding, creating a robust pipeline of bankable projects that can be readily financed by Afreximbank, MIF, and other financial institutions.
The partnership focuses on unlocking investments in critical sectors such as energy, transport and logistics, agro-processing, and industrial development, aligning with the government’s growth trajectory roadmap.
The agreement was signed by Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, and Dr. John Mangudya, CEO of Mutapa Investment Fund, and this collaboration builds on the longstanding partnership between Afreximbank and the Government of Zimbabwe, geared towards boosting trade and investment in the country.
In a statement, Afreximbank said that “its support will enable MIF’s portfolio companies to access project preparatory funding, driving economic growth and development in Zimbabwe. This initiative demonstrates Afreximbank’s commitment to promoting intra-African trade and investment while fostering sustainable economic development across the continent.”
MIF is making significant strides in contributing to the country’s economic growth and development. With a robust portfolio valued at approximately $16 billion as of March 31, 2024, the fund is poised to create long-term sustainable value in key sectors such as mining, energy, and manufacturing.
The fund’s portfolio clusters have been expanded to six, covering mineral resources, energy and trading, information communication technology, transport and logistics, agriculture and industries, financial services, and real estate. This strategic diversification is expected to enhance the value of companies under the portfolio.
To ensure sound corporate governance, transparency, and accountability, the fund has arranged governance and board inductions for several companies, including Petrotrade, ZESA, and the National Railways of Zimbabwe.
Established under the Sovereign Wealth Fund Act of 2015, the Mutapa Investment Fund is guided by the principles of sound corporate governance, transparency, and accountability. With its operations aligned with the Public Finance Management Act, the fund is committed to creating value for Zimbabwe’s economy.