Zimbabwe’s Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, has urged investors to set up an investment bank in the country to capitalise on the numerous opportunities within the economy.
Addressing the ongoing Zimbabwe Capital Markets and Investment Promotion Conference, Minister Ncube highlighted the crucial impact an investment bank could have on empowering local businesses and stimulating economic growth, The Herald reports.
“Turning to the banking sector, we currently lack investment banks capable of driving a multitude of investment possibilities,” he said.
Ncube pointed out that an investment bank would offer vital financial tools and expertise specifically designed for small and medium enterprises and individuals, thereby driving Zimbabwe's economic growth.
The minister also stressed the need to introduce new financial instruments, such as catastrophic bonds, green bonds, infrastructure bonds, diaspora bonds, and SME infrastructure bonds. These instruments are integral to the government's broader strategy to stimulate private-sector investment and bolster economic development.
Furthermore, Ncube outlined various initiatives to attract investors, including Public-Private Partnerships (PPPs) and Independent Power Producers (IPPs). He also said that the government is eager to collaborate with the private sector across different industries to promote economic growth through joint ventures.
“The government actively supports IPPs in the renewable energy sector, offering Government Implementation Agreements (GIAs) to facilitate project development,” Ncube added.
Moreover, he highlighted various incentives for investors in Special Economic Zones such as tax holidays, import duty exemptions, VAT deferrals, and reduced withholding tax.
The minister’s invitation to investors underscores the Zimbabwean government’s dedication to fostering a favourable investment climate, with the goal of unlocking the full potential of the nation’s economy, The Zimbabwe Mail reports.