THE world’s largest development institution, the International Finance Corporation (IFC), has so far offered technical support to the Zimbabwe Investment and Development Agency (ZIDA) amounting to nearly US$1 million since the signing of a partnership agreement in May this year.
ZIDA chief executive officer Mr Tafadzwa Chinamo gave the information during an investors interaction cocktail party held in Harare last week.
Headquartered in Washington DC, the United States, IFC is an international financial institution that offers investment, advisory and asset-management services to encourage private-sector development in less developed countries and is a member of the World Bank Group.
In May 2022, the Government of Zimbabwe announced that following the various engagements between ZIDA and IFC to identify areas of possible collaboration and support, IFC offered technical support to ZIDA to the value of US$895 000 under the Zimbabwe Investment Policy and Promotion programme (ZIPPP).
Mr Chinamo said the overall objective of ZIPPP was for IFC to support ZIDA’s operationalisation and capacity development.
Through this engagement, IFC is providing technical and advisory support for policy or regulatory support for Special Economic Zones (SEZs) and investment entry.
Under this component, IFC is supporting key elements for operationalisation of an SEZ regime, through drafting and promulgation of critical parts of a policy and regulatory framework.
Mr Chinamo said the IFC Consultants and the ZIDA staff have done a lot of extensive work in setting clear guidelines and flow charts which will result an improved policy and regulatory framework for SEZs.
“We are striving to create a conducive investment climate mobilising financial and intellectual property leveraging Zimbabwe’s human resources to deliver innovative and accelerated socio-economic growth”, he said.
ZIDA is the country’s investment promotion agency, responsible for promoting and facilitating both local and foreign investment in the country.
It came up as an integration of three investment authorities, which were previously housed in different Government Ministries and Departments.
The promulgation of the ZIDA Act which repealed the Zimbabwe Investment Authority Act, the Special Economic Zones Act, and the Joint Ventures Act, provides a clear and comprehensive legal and regulatory framework for conducting investment activities by both domestic and foreign investors in the country, and does this through a single agency and a one-stop service.
ZIDA operates a One Stop Investment Services Centre, which provides investment services ranging from investment analysis, company registration, tax registration and clearance, licencing, investment promotions, public relations and after-care services.