Finance and Economic Development Minister Patrick Chinamasa has appointed the first five members of the Sovereign Wealth Fund board. The board is chaired by former Reserve Bank Governor Dr Kombo Moyana, who will be deputised by prominent lawyer and Zimbabwe Stock Exchange board member Ms Vimbayi Nyemba.
Other members of the board are Mr Nicholas Vingirayi, who is the chairman of Transnational Holdings and former president of the Association of Building Societies of Zimbabwe and ZimTrade chief executive Ms Sithembile Pilime.
Former RBZ deputy governor Mr Nicholas Ncube also sits on the same board.
In a statement yesterday, the Office of the Chief Secretary to the President and Cabinet said an additional four members would be appointed in due course.
“At a meeting convened and chaired by Dr Misheck Sibanda, Chief Secretary to the President and Cabinet on the afternoon of July 01, 2015, the board, of the Sovereign Wealth Fund of Zimbabwe was formally constituted and given a detailed outline of its mandate,” read part of the statement.
“His Excellency, President R. G. Mugabe, signed the Sovereign Wealth Fund of Zimbabwe Act into law on 06 November, 2014.”
After that, a committee chaired by Dr Sibanda was set to pave way towards the operationalisation of the Sovereign Wealth Fund.
Other members of the committee include secretary for Finance and Economic Development William Manungo and Reserve Bank of Zimbabwe governor Dr John Mangudya.
The establishment of a Sovereign Wealth Fund was identified as one of the financing mechanism necessary to ensure a more effective implementation of Zim-Asset.