Story by Stanley James

Zimbabwe’s upgraded Sovereign Wealth Fund, the Mutapa Investment Fund has operationalised its business portfolios to serve the interests of Zimbabweans.

A first meeting of the Mutapa Investment Fund employees and the Chief Executive Officer, Dr John Mangudya was held in Harare this week.

A statement from the fund reveals that Dr Mangudya highlighted the importance of the Sovereign Wealth Fund in Zimbabwe with a key focus on value and wealth creation.

Dr Mangudya also noted that the fund will focus on accountability and transparency for the betterment of Zimbabweans.

The fund is also focusing on ensuring the viability of entities within its portfolios, including reinvesting profits for socio-economic development.

Dr Mangudya expressed confidence in the new team in terms of implementing the set objectives of the Sovereign Wealth Fund.

The government’s shareholding in a block of over 20 state-owned utilities has been transferred to the Mutapa Investment Fund including mines, agricultural entities, energy utilities and financial services entities.

The move has resulted in the fund becoming a huge institution boasting of assets estimated at over US$20 billion.