THE City of Harare continues to dominate Mutapa Investment Fund (MIF)’s infrastructural development aimed at improving the livelihoods of the citizenry as the country pushes for an upper-middle-income economy by 2030, a top official has revealed.
MIF head of economic research, Forbes Kanogwere, made the remarks last Thursday in a presentation titled Mobilising Investment Fund to Unlock Value in Housing, Infrastructure and Services Delivery for a Prosperous Harare Province Aligning with Vision 2030 on behalf of chief executive officer John Mangudya during the two-day Harare Metropolitan Province Investment and Business Conference.
He noted that short- to medium- and long-term benefits of investment for Harare province include revival of strategic portfolio companies that significantly contribute to improved production across the province.
“HomeLink (Private) Ltd is rolling out flagship housing projects in Harare, expected to significantly contribute to the province’s GDP upon completion, where 31% of disbursed agricultural loans by AFC Holdings in 2024 were accessed within Harare Metropolitan province, which tops the list,” Kanogwere said.
“It is within Harare province where, in 2024, Powertel deployed communications optic fibre cable primarily to connect NetOne base stations, thereby enhancing connectivity to various clients.”
He said 55% of last year’s TelOne investments were in Harare, a year which also saw Air Zimbabwe flights increasing, “meaning more arrivals, increased demand for facilities, services and products, offering opportunities for the business community”.
“NetOne is on an expansion drive, putting up base stations to improve connectivity and promote a digital economy,” Kanogwere said.
“The real estate sector is booming with construction projects across the province, unlocking value from land banks, contributing to job creation, demand for services and construction materials, such as cement, among others.”
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He, however, said the investment drive was anchored on improving key fundamental rights of the populace.
“Service delivery will also improve citizens’ livelihoods and wellbeing. The province will benefit from employment creation, export growth, import substitution, among others,” he said.
Kanogwere further explained that infrastructural development will boost the economic value of the capital city.
“The province's GDP can increase and change communities livelihoods,” he said.
MIF projects have turned around the economic growth of Harare, covering Chitungwiza, Ruwa and the capital itself.
MIF is the Sovereign Wealth Fund of Zimbabwe, the strategic investment arm of government, a sub-sovereign fund.
The government capitalised MIF by transferring shareholding of 30 State-owned enterprises (portfolio companies) as initial assets of the fund.
It is dedicated to providing strategic leadership and oversight to the portfolio companies, to ensure value and wealth creation, and ultimately economic growth.
Harare Residents Trust (HRT) director Precious Shumba noted that people want food, jobs, water, schools, medication and health facilities.
“Infrastructure and service delivery are critical. Everyone knows that infrastructure is critical for economic development, because it creates employment,” he said.
“The HRT expects to see more transparency and accountability in the awarding of contracts for public infrastructural development projects.”
Harare Provincial Affairs and Devolution minister Charles Tawengwa called on investors, policymakers, development partners and business leaders from across Zimbabwe and beyond to embrace the development thrust.
“We are positioning Harare as a model for sustainable urbanisation in Africa and propelling Zimbabwe closer to the aspirations of Vision 2030,” he said.
“We extend an open invitation to potential investors, institutions and development partners both locally and internationally.
“Together, we can transform Harare to a vibrant, competitive metropolis and a gateway to national development."
Ethiopia, the United Arab Emirates, Dubai and Singapore, among others, have made models like MIF successful stories.
