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Dr Misheck Sibanda

Farirai Machivenyika Senior Reporter
Government and three foreign financial institutions yesterday signed a Memorandum of Understanding to facilitate investment through joint ventures, leveraging on the country’s natural resources. The agreement was signed by Chief Secretary to the President and Cabinet Dr Misheck Sibanda and representatives of the three organisations — US-based Global Trade Finance, Rosenthal Group and Natrabank/Bullion Bank of Africa.

The visit by the officials was facilitated by Zimbabwe’s embassy in the US. The delegation of the three institutions was led by Ms Kumja Lee, president of Global Trade Finance (GTF) while Robert Rosenthal represented the Rosenthal Group, with Ms Celeste de Brito representing Natrabank.

“The delegation, led by Ms KJ Lee, president and CEO of GTF, is in the country to discuss vital economic and investment opportunities spanning across financing, development and construction of infrastructure in agriculture and agribusiness, manufacturing, mining, energy and power, transport and water as well as modern cities in urban development,” Dr Sibanda said.

He added that the country had abundant human and natural resources to stimulate economic growth. “Engagements with the delegation have been premised on the need to formulate joint venture approaches to investment that are anchored on financial engineering, leveraging on natural resource endowments and human capital which the country has in abundance,” he said.

“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.”

Dr Sibanda said various other opportunities were also being pursued through Special Economic Zones, which seek to attract domestic and foreign investors under preferential labour, fiscal and non-fiscal incentives including new technologies.

Ms Lee said their focus would be on investments that boost the country’s employment. “We want to help in infrastructure development, manufacturing and also take advantage of your vast minerals to create employment for young people. That is our goal here and discussions for the establishment of a bank will start next week and we hope in 90 days we would have started our work here,” Ms Lee said.