Zimbabwe May Start $3.5 Billion Wealth Fund Later This Year

(Bloomberg) -- Zimbabwe may start a sovereign wealth fund or issue an export-related bond after elections that are slated for July, Deputy Finance Minister Terence Mukupe told the southern African nation’s state-broadcaster Tuesday.

The indebted nation, which saw its economy halve between 2000 and 2013, is struggling to access cash to revive ailing industries and rebuild aging infrastructure.

“Post-election, we should be able to put in place a sovereign wealth fund or an export-related bond and we think we should be able to raise between $2.5 billion and $3.5 billion anchored on trade receivables,” Mukupe told the Zimbabwe Broadcasting Corp.

The bonds would be repaid in annual installments of $140 million to$150 million, Mukupe said. Calls to his mobile phone for additional comment weren’t answered.

©2018 Bloomberg L.P.

Bloomberg
Stay Updated With OnWeb News On BloombergQuint