Zimbabwean cabinet yesterday after their cabinet meeting approved of a $5.3bn investment projects which all things been equal will fast track their economy. The said amount is to be invested into 11 different projects that cut across the various sectors of their economy. These projects have already been approved by the President of Zimbabwe and are set to kick start as soon as possible.
Some of the 11 implemented projects include Coal to fertilizer production by the partnership of Verify Engineering Ltd and Magcor Consortium which $750 million will be invested into. These companies will also be given $5.3 million to produce medical and industrial gases. A Bullion Bank valued at $2bn will be jointly established by the government of Zimbabwe and Midlink holdings. Also a partnership between Hondius Capital Management and the Infrastructure Development Bank of Zimbabwe is set to join forces to fast track infrastructural development in the country at a value of $800 million.
Furthermore, the Iron and Steel Company of Zimbabwe Ltd has been tasked to produce large quality quantities of Iron and Steel in a Special Economic zone and $1.1bn will be invested into that. $130 million will also be invested into livestock farming concession by Boustead Beef Ltd. and the Cold Storage Commission. FINCOMECO in Zimbabwe will also be given $81,365 million to create a Warehouse Receipt System and an Agriculture Commodity Exchange. Nkonyeni Agriculture is to create an inland trading port and an agro-processing plant which will cost $200 million. Also a Chinese firm, Suwerin Ltd and Berhad Development Corporation will go into granite and diamond processing respectively at a value of $20 million and $53 million respectively.
It is great that the Zimbabwean government is putting measures in place to boost its economy and this should be emulated by the various governments in Africa. Also, most of the contracts were awarded to local companies which are also a plus for the entire governmental body of Zimbabwe.