Mutapa Investment Fund Explained

Mutapa Investment Fund
Type:Government owned
Foundation:2020
Location City:Norton
Location Country:Zimbabwe
Key People:
Industry:Diversified investments
Area Served:Zimbabwe
Assets:$97.5 million
Assets Year:2015[1]
Revenue:not disclosed
Operating Income:not disclosed
Net Income:not disclosed
Num Employees:not disclosed yet
Parent:Finance Ministry
Owner:Government of Zimbabwe

Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act (Chapter 22:20).[2] It was renamed after the re-election of Emmerson Dambudzo Mnangagwa as the president of Zimbabwe, doing so by using Statutory Instrument 156 of 2023.[3] It is a state-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, government transfer payments, fiscal surpluses and resource earnings.[4] It manages 20 parastatal entities.[5]

History

In 2013, the parliament of Zimbabwe drafted the Sovereign Wealth Fund Bill. It was then passed and the SWFZ come into existence in 2014.[2]

Controversies

There is a lot of outcry among people from various groups concerning the renaming and restructuring of Mutapa Investment Fund.[6]

Entities Managed

Notes and References

  1. Web site: Sovereign Wealth Fund of Zimbabwe (Mutapa Investment Fund) - Sovereign Wealth Fund, Zimbabwe - SWFI. www.swfinstitute.org.
  2. Web site: Independent . The Zimbabwe . Sovereign Wealth Fund - Zimbabwe Independent . 2023-10-01 . The Zimbabwe Independent . en.
  3. Web site: Mutowekuziva . Tracy . Is Zim ready for Sovereign Wealth Fund? . 2023-10-01 . The Zimbabwe Independent . en.
  4. Host-Madsen . Poul . July 1962 . Asymmetries between Balance of Payments Surpluses and Deficits . Staff Papers - International Monetary Fund . 9 . 2 . 182 . 10.2307/3866114 . 0020-8027.
  5. Web site: New Mutapa fund takes over shares in 20 entities . 2023-10-01 . The Herald . en-US.
  6. Web site: Mutapa Fund: The looting machine. Paidamoyo. Muzulu. NewsDay.