Africa tech sector potential Chinese investment target

The cargo terminal of the Standard Gauge Railway line constructed by the China Road and Bridge Corporation and financed by Chinese government within at the Nairobi Terminus on the outskirts of Kenya’s capital Nairobi May 31, 2017. There is a general trend of decreasing foreign direct investment (FDI) in Africa. …

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$6m ethanol project takes shape

Golden Sibanda and Africa Moyo The National Oil Infrastructure Company of Zimbabwe (NOIC) is targeting to complete the construction of two ethanol storage tanks with capacity of 6 million litres at its Mabvuku Depot in Harare by end of December this year. NOIC said the fuel storage gantry, which comes …

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World Bank optimistic on new Cabinet

Enacy Mapakame recently in Victoria Falls Bretton Woods institution, the World Bank says work outlined by the new Cabinet should determine the flow of foreign direct investment (FDI) into the country, as investors are increasingly warming up to the Second Republic. A fortnight ago, President Mnangagwa appointed a new Cabinet …

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Split Environment, Water and Climate ministry OK for now

Jeffrey Gogo Climate Story President Mnangagwa has split the Environment, Water and Climate Cabinet portfolio. He shuffled the Water and Climate files into the enlarged Lands, Agriculture, Water, Climate and Rural Resettlement Ministry. Environment retraced its footprints back to its roots in the Tourism and Hospitality portfolio, according to the latest …

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IDBZ targets climate change projects

Martin Kadzere Senior Business Reporter The Infrastructural Development Bank of Zimbabwe is making a fundamental move of expanding its investments towards climate change projects, an official said. The bank — largely owned by the Government — and recently received equity capital boost of $150 million from its anchor shareholder is …

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Old Mutual opens shop in Mutare

Business Reporter Integrated financial services firm, Old Mutual Zimbabwe, has opened a new one-stop-shop branch offering their main financial and banking services under their Green-zone branded shop concept as well as the refurbished CABS Branch. Commenting on the opening of the new branch, Jonas Mushosho, Old Mutual Zimbabwe Group CEO …

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Zamco gives grace period for bad loans

Golden Sibanda Senior Business Reporter The Zimbabwe Asset Management Company (Zamco) will allow an eight-year moratorium on all restructured non-performing loans (NPLs) before the central bank’s bad loans cleansing special purpose vehicle (SPV) starts enforcing foreclosure, chief executive Cosmas Kanhai said. Dr Kanhai said ZAMCO was formed in 2015 with …

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Sino-Zim targets 300% export growth

Sino Zimbabwe Cement Company (Sino-Zim) says it plans to export cement to countries in northern Africa and grow its export market by 300% in the near future. BY STEPHEN CHADENGA The company’s managing director Wang Yong said Sino-Zim was pursuing a strategy to grow its export market, focusing on new …

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Sugar firm in $45m tax storm

Ishemunyoro Chingwere Business Reporter Zimbabwe Sugar Sales (ZSS) Ltd, a company that sells and distributes sugar on behalf of Hippo Valley Estates and Triangle Limited, has been caught up in a $45 million tax evasion storm. The Zimbabwe Revenue Authority (Zimra) claims the tax misdemeanours by the sugar distributing company …

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Masimba foretells infrastructure boom, strong earnings

Masimba Holdings, a Zimbabwe Stock Exchange-listed contracting company, expects Zimbabwe’s infrastructure sector to recover strongly in the outlook and drive its contracting business. BY FIDELITY MHLANGA CEO Canada Malunga, who briefed analysts on the company’s half-year financial performance last week, said road construction was likely to boom in the short …

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