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Zimbabwe plans sovereign wealth fund

Publish date: 01 November 2013
Issue Number: 3393
Diary: Legalbrief Today
Category: Legislation

Zimbabwe plans to craft a new law to set up a sovereign wealth fund by February next year, but it may not have any money at first as the government desperately needs to develop the country's crumbling infrastructure.

According to a report on the News24 site, Finance Minister Patrick Chinamasa said government would consider a first international bond issue to help finance its mining sector. Harare has indicated it wants to create a sovereign wealth fund to buy shares in foreign-owned companies, including mines, under President Robert Mugabe's black economic empowerment programme. 'Legislation to set up the sovereign wealth fund will be ready by the first quarter next year, February at the latest,' he added. Full report on the News24 site