The Mutapa Investment Fund (MIF) has committed over US$153 million to support and expand fertilizer production within Zimbabwe, according to testimony from its chief executive officer. The announcement was made by MIF CEO John Mangudya while providing evidence to the Parliamentary Portfolio Committee on Industry and Commerce.
Mangudya informed the committee that a portion of the committed funds has already been allocated.
“To date, we have disbursed US$5.3 million to Dorowa,” Mangudya stated during the parliamentary hearing.
The initial disbursement is directed to Dorowa Minerals, a state-owned phosphate mining company. Phosphate is a primary component used in the manufacturing of fertilizers. The funds are intended to support the company’s operational capacity and raw material output.
The larger US$153 million investment is part of a broader strategy detailed by Mangudya to revitalize the country’s entire fertilizer value chain. The plan includes financing for Sable Chemicals, another key state-controlled entity involved in fertilizer production, to secure essential raw materials.
According to Mangudya, the investment aims to reduce the country’s reliance on imported fertilizers and enhance food security by ensuring a consistent and affordable local supply for the agricultural sector. The funding is structured to address operational challenges and facilitate the retooling of aging infrastructure at the production facilities.
The Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe, was rebranded and its mandate expanded in 2023. It manages state-owned enterprises and investments on behalf of the government of Zimbabwe. The fund’s stated objective is to make investments that generate wealth for future generations and support the country’s economic development goals.
The Parliamentary Portfolio Committee on Industry and Commerce is responsible for oversight of government ministries and state entities related to the nation’s industrial sector. Mangudya’s appearance before the committee was part of its function to review the performance and strategic plans of key economic institutions. No further details on the timeline for the remaining fund disbursements were provided during the testimony.
