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Martin Kadzere : Senior Business Reporter

THE planned $1,2 billion investment projects by Dangote Group are going ahead, the Zimbabwe Investment Authority said last week, though it could not give a specific schedule. ZIA issued the Dangote Group with licences for three projects worth $1,2 billion, to pave way for Nigerian billionaire Mr Aliko Dangote to start implementing business deals agreed to with the Government last year.The three projects are a cement manufacturing plant, a coal mining venture and an energy or power plant using coal off take production.

“We wrote to them recently and they indicated they still have intention to invest in Zimbabwe,” ZIA chief executive Mr Richard Mbaiwa said.

“They indicated they were finalising some feasibility studies. Such huge projects do not happen overnight.”

Mr Mbaiwa said ZIA wrote to establish if the company was facing problems with regards to obtaining permits and other approvals “the same we do with other investors”.

Last year, ZIA approved investments worth $3,2 billion with the Dangote Group accounting for the bulk.

The planned investment projects by Dangote, if they materialises, would be among the major foreign investments to be received by the country in more than three decades.

Mr Dangote, who held meetings with senior Government officials in August last year, when he visited the country said his company had already made a decision to invest in Zimbabwe.

“We’ve already decided to invest into Zimbabwe, that’s why we are here.

Any country where you see us visiting it means, yes, we’ve decided to invest,” Mr Dangote said.

The Dangote Group has interests in logistics, manufacturing and power generation.

The group recently acquired a substantial shareholding in the African Export-Import Bank.

Zimbabwe has lagged behind neighbours like Mozambique and Zambia in attracting foreign investment but it is working on improving its investment climate to attract offshore capital.