Zimbabwean President Mnangagwa approves investments worth 5.3 billion USD

Source: Xinhua| 2018-11-14 21:48:07|Editor: Shi Yinglun
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HARARE, Nov. 14 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa has approved the implementation of 11 investment projects worth 5.3 billion U.S. dollars, according to a document presented to the cabinet by the Chief Secretary to the President and Cabinet Misheck Sibanda on Tuesday.

"The Chief Secretary to the President and Cabinet circulated for the information of Cabinet a list of 11 projects which have been approved by His Excellency the President for immediate implementation after processing by the One-Stop Investment Service Center," the document, which was published in the state-controlled Herald newspaper on Wednesday, said.

The biggest project that has been approved is a joint venture partnership between Mindlink Holdings and the government of Zimbabwe on the establishment of a bullion bank valued at 2 billion U.S. dollars, followed by one on the manufacturing of iron and steel by Iron and Steel Company worth 1.1 billion U.S. dollars.

Other ventures include the manufacturing of fertilizers and medical and industrial gases and the establishment of a warehouse receipt system and agriculture commodity exchange.

Another joint venture between an asset management company and the Infrastructure Development Bank of Zimbabwe on infrastructure development valued at 800 million U.S. dollars has also been approved.

Two Chinese companies are among the investors which have been given the greenlight to implement their projects.

Afrochine (Pvt) Ltd will implement a 200 million U.S. dollar ferrochrome mining and smelting project while fellow Chinese company SUREWIN (Pvt) Ltd will invest in a 20 million U.S. dollar granite mining and processing venture.