Mutapa Investment Fund
| Company type | Government owned |
|---|---|
| Industry | Diversified investments |
| Founded | 2014 |
| Headquarters | , |
Area served | Zimbabwe |
Key people |
|
| Revenue | not disclosed |
| not disclosed | |
| not disclosed | |
| Total assets | $97.5 million (2015 [2]) |
| Owner | Government of Zimbabwe |
Number of employees | not disclosed yet |
| Parent | Finance Ministry |
Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act (Chapter 22:20).[3] It was renamed after the re-election of Emmerson Dambudzo Mnangagwa as the president of Zimbabwe, doing so by using Statutory Instrument 156 of 2023.[4] It is a state-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, government transfer payments, fiscal surpluses and resource earnings.[5] It manages 20 parastatal entities.[6]
History
In 2013, the parliament of Zimbabwe drafted the Sovereign Wealth Fund Bill. It was then passed and the SWFZ come into existence in 2014.[3]
Controversies
There is a lot of outcry among people from various groups[who?] concerning the renaming and restructuring of Mutapa Investment Fund.[7] These people includes journalists, tribal extremist and politicians.
Entities Managed
- Net*one Cellular (Private) Limited
- National Railways of Zimbabwe
- Air Zimbabwe
- TelOne
- Cottco
- Zupco
- Defold Mine
- Kuvimba Mining House
- Silo investments
- National Oil Company of Zimbabwe
- Cold Storage Commission Limited
- Petrotrade
- People's Own Savings Bank
- Arda Seeds
- Zimbabwe Power Company
- PowerTel Communications
- Allied Timbers
- Telecel
- Industrial Development Corporation
- Hwange Colliery Company[6]
References
- ^ a b "New board for Sovereign Wealth Fund". The Herald.
- ^ "Sovereign Wealth Fund of Zimbabwe (Mutapa Investment Fund) - Sovereign Wealth Fund, Zimbabwe - SWFI". www.swfinstitute.org.
- ^ a b Independent, The Zimbabwe. "Sovereign Wealth Fund - Zimbabwe Independent". The Zimbabwe Independent. Retrieved 2023-10-01.
- ^ Mutowekuziva, Tracy. "Is Zim ready for Sovereign Wealth Fund?". The Zimbabwe Independent. Retrieved 2023-10-01.
- ^ Host-Madsen, Poul (July 1962). "Asymmetries between Balance of Payments Surpluses and Deficits". Staff Papers - International Monetary Fund. 9 (2): 182. doi:10.2307/3866114. ISSN 0020-8027.
- ^ a b "New Mutapa fund takes over shares in 20 entities". The Herald. Retrieved 2023-10-01.
- ^ Muzulu, Paidamoyo. "Mutapa Fund: The looting machine". NewsDay.