ZIDA tables opportunities for insurance sector

August 4, 2022

RYAN CHIGOCHE

 

The Zimbabwe Investment and Development Agency (ZIDA) has tabled investment opportunities across sectors in which the insurance and pension industry can invest in, Business Times can report.

ZIDA acting CEO, Duduzile Shinya, who spoke at a meeting with the insurance and pension sector last week said there were several projects already approved that players in the industry can invest in including mining, agriculture, infrastructure development, tourism and prescribed assets.

In the agriculture sector, Shinya said the Sable Dairy Farms project was approved in March this year where a 5 000ha dairy farm aimed at producing 65m litres of milk per annum by the year 2025 is set to be established.

“Players in the industry interested in the project can partner with Sable Chemicals. Preliminary feasibility study for the project has already been done,” Shinya said.

There was also the GMB grain dryers project which seeks to establish grain driers with capacity to process 500mt per day and the East Bourne Dam project in the Nyambwa River near Mutare.

All these projects combined have a total cost of US$107m, Shinya said.

With the country having over 32.2m hectares of potential agricultural land and an excellent and diverse climate, Shinya said there were also opportunities in agriculture financing, greenfield agricultural projects in Tugwi Mukosi and Kanyemba areas as well in the production of medicinal cannabis where the government eased investor requirement.

In the mining sector, Shinya said the insurance industry through joint ventures can invest in exploration opportunities worth a combined total of US$8.5m.

“The gold exploration project is a reserved area in Matabeleland North covering 63 000ha with copper exploration in the Mhangura on a reserve area covering 325,000hectares.

“Zimbabwe has got a huge mineral base and a lot of opportunities can emerge as the country has got the second highest deposits of platinum in the world,” Shinya said.

In the tourism sector several projects have already been approved in the resort town of Kariba where luxury hotels and golf courses are set to be constructed through joint ventures.

Under infrastructure development, Shinya said there were investment opportunities at the National University of Science and Technology which wants to construct student accommodation.

The insurance industry was also presented with opportunities to invest in prescribed assets. Shinya said assets such as the Zororo Solar energy project and the Centragrid solar power project with a tenure of 25 and 10 years respectively, were approved.

There are also opportunities in cattle-based investments Nhaka Life and Mangwana Opportunities meant to support the productive sectors of the economy, she said.

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