Zimbabwe May Start $3.5 Billion Wealth Fund Later This Year
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.
To contact the reporter on this story: Brian Latham in Harare at blatham@bloomberg.net.
To contact the editors responsible for this story: Karl Maier at kmaier2@bloomberg.net, Hilton Shone, Helen Nyambura
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