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Source: President reaffirms importance of strong Govt, Church ties – herald

Debra Matabvu-Senior Reporter

PRESIDENT MNANGAGWA has reaffirmed the importance of a strong partnership between the Government and the Church in promoting peace, national unity and socio-economic development.

This followed a meeting with a delegation from the Zimbabwe Council of Churches (ZCC) and the World Council of Churches (WCC) at State House in Harare yesterday.

The delegation was led by WCC general secretary Reverend Professor Jerry Pillay, who is in Zimbabwe for the 48th General Assembly of ZCC which started July 21 and ends today.

The general assembly will run under the theme, “Breaking walls: Discerning the signs of the times.”

Writing on his X platform after the courtesy call, President Mnangagwa said the discussions focused on strengthening collaboration between the Church and Government in advancing the country’s development agenda.

“This morning (yesterday), I had the pleasure of welcoming a delegation from the Zimbabwe Council of Churches (ZCC) for a courtesy call at State House in Harare,” President Mnangagwa said.

“The delegation is led by the World Council of Churches (WCC) general secretary, Rev Prof Dr Jerry Pillay. He is currently in our country for the 48th General Assembly of the ZCC, running from 21 to 24 July. We welcome the assembly’s timely theme, ‘Breaking Walls: Discerning the Signs of the Times.’

“Our discussion centred on the vital partnership between Church and State. We must continue to work together to foster peace, national unity, and development across Zimbabwe.”

The meeting underscored the growing collaboration between Government and faith-based organisations in addressing social, economic and humanitarian challenges while promoting national cohesion.

Speaking to journalists after the meeting, Rev Pillay described the engagement as productive, saying discussions covered a wide range of issues, including the reintegration of Zimbabweans returning from South Africa, climate change, youth empowerment, gender justice, and national dialogue.

On the issue of returnees, Rev Pillay said the WCC was encouraged by Government’s commitment to support Zimbabweans returning home.

“We also had a discussion on the issue of the returnees,” he said.

“I come from South Africa myself, even though I live now in Switzerland, Geneva, but we discussed the issue of the returnees.

“We outlined the concern and the need to help the reintegration of people into the Zimbabwean context.

The President has given the assurance that Government is on top of that, and they are doing everything to receive people, ensure they know that this is the home for them, and therefore Government will do everything to make sure that they feel that they are back home.”

Rev Pillay added that President Mnangagwa had indicated “quite clearly what Government has always said” that anybody from Zimbabwe who had gone abroad is free to return to their country.

“So, as they have returned, Government has given us the assurance that they will work on reintegrating the returnees into society.

“From a global point of view, the World Council of Churches is dealing with these issues because we are obviously concerned about how migrants and immigrants are treated in the world itself, and so the interest of the WCC in what is happening in South Africa and here and in other countries in the African region, we are working on those things,” he said.

Discussions also touched on gender justice and efforts being taken to improve the welfare of women and vulnerable groups, said Rev Pillay.

He said the Government shared with his delegation what is being done in that area, and “we feel quite comfortable” knowing they are doing sufficient work.

The WCC delegation also reiterated the Church’s long-standing call for an inclusive national dialogue process and welcomed Government’s openness to continued engagement.

“The Council of Churches has always been keen to hold a national dialogue, an all-inclusive dialogue, and they have discussed that with the Government in the past.

“We were able to reiterate that point, and have asked Government if they would participate in that process, which would be church-led, and the President has assured us that the Foreign Ministry Department is looking at that.

“They have no objections in terms of working with the churches, and they are keen on that. We found a very positive energy and spirit to work for reconciliation and healing, addressing the past historic occurrences in the country, dealing with issues of trauma, and seeking to find dialogue to help people to be healed and restored.

“So, our meeting was very positive,” said Rev Pillay.

The delegation included church leaders and representatives from Zambia, South Africa and other countries in the region, reflecting the WCC’s broader commitment to supporting peace-building, social justice and community development initiatives across Africa.

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Source: ‘Our future is bright’ . . . We’ll soon be a global manufacturing hub: President – herald

Zvamaida Murwira-Senior Reporter

ZIMBABWE’S manufacturing sector will be an industrial hub for regional, continental and international markets as Government facilitates the implementation of its industrialisation agenda and accompanying institutional reforms, President Mnangagwa has said.

The country’s future, he said, remained bright with the ongoing green industrialisation presenting the country with an opportunity to build competitive industries while preserving its natural heritage for future generations.

President Mnangagwa made the remarks yesterday while opening the Zimbabwe Industrialisation Conference and Expo 2026 under the theme: “Accelerating industrialisation through regional value chains, innovation and trade.”

He also launched a research finding of the State of Industry and 2027 Prospects Study.

“Modern and resilient infrastructure, stable energy supply, efficient transport systems, reliable logistics, digital connectivity and secure water supplies are fundamental pre-requisites which must be continually revisited.

“In doing so, we are able to boost industrial growth, lower production costs, towards enhancing competitiveness and facilitating trade,” said President Mnangagwa.

“I am pleased that to date, these aspects are being incrementally addressed with tangible benefits accruing to a favourable regulatory framework as well as the ease and cost of doing business. The broader objective, is to strategically position our country as a high-performing and competitive manufacturing and industrial hub, for regional, continental and international markets.”

Zimbabwe’s modernisation and industrialisation must be accompanied by sustainability as the future belonged to industries that were energy efficient, environmentally responsible and climate resilient.

“Green industrialisation, therefore, presents Zimbabwe with an opportunity to build competitive industries, while preserving our natural heritage for future generations. I call upon all sectors of the economy to adjust processes and technologies with this reality in mind,” said President Mnangagwa.

“The future of our nation is bright. Be assured of policy certainty and an enabling environment for business diversification and growth.”

He called for collaboration among all stakeholders to ensure the success of the milestones.

“However, Government policy alone will not suffice. There is need to embrace the whole of industry and society approach for us to speedily realise more success milestones.

“Industry must invest and innovate, financial institutions must provide affordable capital and the academia ensure relevant knowledge and skills. Development partners are always welcome to support and complement the ongoing transformative national development agenda,” said President Mnangagwa.

He noted that the conference was held following research findings of the State of Industry and the 2027 Prospects Study that outlined substantial progress in stimulating growth.

“Additionally, the study confirms that Zimbabwe’s industrial sector has demonstrated remarkable resilience, recording higher capacity utilisation, which is now at 61.2 percent in the first quarter of 2026, up from 35 percent in 2019.

“During the same period manufactured exports also increased from US$360 million (2019) to the current US$584 million, reflecting improved value addition and beneficiation. The manufacturing sector now accounts for 17 percent of GDP. I applaud the sector for this phenomenal growth,” he said.

President Mnangagwa however bemoaned the country’s import bill which the study showed US$2,5 billion worth of manufactured products that can be made locally and implored Industry and Commerce Minister Mangaliso Ndlovu to address the issue.

“The situation highlighted in the State of Industry Report, that the country is currently importing approximately US$2.5 billion worth of manufactured products which can be produced locally is untenable.

“Zvokwadi, zvokwadi, nyika ine vanhu vakadzidza semi, tinema innovation hubs nemaindustrial parks kumaUniversity, nemaskills akawanda-wanda munyika totenga zvinhu chero, kwete! Izvi Minister Ndlovu, ngazvigadziriswe. Mari iyoyo, ngaishande muno munyika, ichitenga maproducts agadzirwa muno,” said President Mnangagwa.

He said there was need to scale up beneficiation and value addition manufacturing, since export of processed materials had become urgent.

“Minister Ndlovu, I am confident that through stronger synergies within the manufacturing and other sectors of the economy, more can be done to accelerate the realisation of set targets. Focus must not only be on import substitution, but also on new economic drivers, trade in high value exports, regional integration and export diversification,” he said.

President Mnangagwa said Zimbabwe was committed to work with regional blocs such as Sadc, Comesa and the African Continental Free Trade Area.

“Our nation is honoured to host the official Southern African Hub and Headquarters of the Intra-African Trade Fair Company as well as the Afreximbank Africa Trade Centre  here in Harare. As you are now well aware, my administration is about results, hence your industry and sector targets should be deliberately pursued with clear time bound strategies,” said President Mnangagwa.

The country, he said, was strengthening industry-financing mechanisms, improving the investment climate and mobilising domestic as well as international capital to bolster the productive sectors of the economy.

The intricate connection between successful industrial revolution, research, development, technology and innovation could not be overlooked.

President Mnangagwa commended local firms for deploying appropriate technology upgrades and investments, including in artificial intelligence, to improve production efficiencies.

“This reflects the growing commitment by industry players to continuous improvement and innovation. Well done. Under the Second Republic, industrial innovation must translate into stronger domestic value chains, supplier development programmes, industrial clusters and local procurement initiatives that deepen backward and forward linkages,” he said.

“Stakeholders in mining and mineral value chain industries are challenged to quickly adapt and ensure that our strategic minerals are value added and beneficiated for win-win benefits. As I have said in the past, my Government does not accept ‘horse and rider’ economic cooperation or investments, including from local manufacturing players.”

He said national resources must be shared equally.

“Our policy stance is unequivocal. National resources must be processed and beneficiated for the realisation of maximum economic returns that benefit all our people, and the economy as a whole, not merely a few shareholders, directors and management,” he said.

He commended the Micro, Small and Medium Enterprises Development Indaba, held last week, where some SMEs which attained a turn-over of US$3 million and above, were moved to the Ministry of Industry and Commerce for contact with Government, joining established companies.

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Source: Milestone as Zim joins BRICS Bank – herald

Martin Kadzere-Business Reporter

ZIMBABWE has been officially admitted into the New Development Bank, commonly known as the BRICS Bank, unlocking long-term financing for infrastructure development, industrialisation and economic transformation.

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube announced the admission yesterday while addressing delegates at the Zimbabwe Industrialisation Conference and Expo 2026, describing the country’s admission into the multilateral financial institution as a significant milestone for its economic growth agenda.

The bank was established in 2015 by the BRICS nations — Brazil, Russia, India, China and South Africa — with an initial authorised capital of US$100 billion.

Headquartered in Shanghai, China, the bank was created to mobilise resources for infrastructure and sustainable development in emerging markets and developing economies.

Zimbabwe’s admission comes when it is intensifying efforts to accelerate industrialisation, modernise infrastructure and achieve Vision 2030, which seeks to transform the country into an upper-middle-income economy.

“Yesterday we were admitted…we are now a member of the BRICS Bank. So, you can now access capital from the BRICS Bank. We will make a formal announcement properly later,” said Prof Ncube.

He was contributing to a plenary session alongside other Cabinet Ministers at the conference organised by the Ministry of Industry and Commerce in partnership with the African Economic Development Strategy and ZimTrade.

Membership of the New Development Bank is expected to provide Zimbabwe with access to long-term development finance, particularly for infrastructure and industrial expansion, areas that require patient capital often unavailable through conventional commercial lending channels.

The development is particularly significant given Zimbabwe’s limited access to concessionary financing from traditional international financial institutions over the past two decades, mainly due to sanctions.

As a result, Zimbabwe has largely relied on domestic resources, bilateral support and alternative financing to fund critical development.

The bank membership is, therefore, expected to broaden the country’s financing options and complement ongoing efforts to mobilise resources for economic development.

Prof Ncube said access to the BRICS Bank would strengthen the availability of credit facilities required to support productive sectors of the economy.

“So, these credit facilities are going to grow, and they are also a source of financing for industry,” he said.

Prof Ncube outlined a broader strategy aimed at improving access to affordable capital for local industries, small businesses and entrepreneurs.

He highlighted the role of the Reserve Bank of Zimbabwe’s targeted financing facilities, which provide concessionary funding at below-market interest rates to support productive sectors and stimulate industrial output.

The Industrial Development Fund had already financed 15 strategic projects across key sectors of the economy, with particular attention being given to strengthening critical supply chains such as pharmaceutical manufacturing.

Prof Ncube pointed to the National Venture Fund, which is providing equity financing to start-ups and emerging businesses as an alternative to traditional debt financing.

He said Government’s participation in such ventures is capped at 15 percent and must be exited within five years, ensuring that the initiative remains focused on nurturing private enterprise and innovation.

Prof Ncube encouraged businesses seeking expansion capital to take advantage of opportunities available on the Zimbabwe Stock Exchange, the Victoria Falls Stock Exchange and the soon-to-be-launched Small and Medium Enterprises Stock Exchange in Bulawayo.

He commended local financial institutions for securing international lines of credit from organisations such as the Afreximbank and the European Investment Bank, which are helping to increase lending capacity within the domestic banking sector.

Foreign Affairs and International Trade Minister Professor Amon Murwira said Zimbabwe’s trade and foreign policy strategy was increasingly focused on creating opportunities for local industry through regional and international market integration.

Government was pursuing policies aimed at enhancing participation in regional and continental trading arrangements, including the African Continental Free Trade Area (AfCFTA), SADC and the Common Market for Eastern and Southern Africa (Comesa).

Prof Murwira said opening domestic markets and removing trade barriers were essential for creating reciprocal access to foreign markets.

“If we want the AfCFTA to work, if we want SADC, or the Free Trade Pact to work, if we want Comesa to work, it means Zimbabwe must open its market first because you can’t expect other people to open markets for you when you are closing yours,” he said.

Government was working to streamline tariff and non-tariff measures to improve the competitiveness of local products and facilitate export growth.

Prof Murwira described foreign policy as an important enabler of trade and investment, saying economic diplomacy was becoming increasingly central to the country’s engagement with the international community.

“When we invest in ourselves, we create confidence that attracts big capital. I just want to then say that we, as a country, our strategy, which is our trade and foreign policy strategy, is to be bold enough to open our markets,” he said.

Women Affairs, Community, Small and Medium Enterprises Development Minister Monica Mutsvangwa said micro, small and medium enterprises had become a critical pillar of Zimbabwe’s economy.

The sector now contributed about 60 percent of gross domestic product and accounted for about 70 percent of the country’s gold production.

Minister Mutsvangwa said women owned 56 percent of these smaller enterprises nationwide and continued to play a leading role in agriculture, food processing and other productive sectors.

“When we say micro, small, and medium enterprises… this is the new economy of Zimbabwe. If we leave them behind, Vision 2030 will not be achieved as we want it with an upper-middle-income society,” she said.

Minister Mutsvangwa said Government was addressing financing challenges affecting micro, small and medium enterprises through initiatives such as the National Venture Company and the Industrial Development Fund, which are designed to expand access to capital and support enterprise growth across the country’s provinces.

Youth Empowerment, Development and Vocational Training Minister Tino Machakaire said industrialisation remained key to addressing youth unemployment and social challenges such as drug and substance abuse.

He said his ministry had shifted its focus towards practical skills development and entrepreneurship training to ensure young people became job creators rather than job seekers.

Government, working with development partners including the United Nations Development Programme and the World Food Programme, was supporting innovation and industrial hubs across the country as part of efforts to drive inclusive economic growth.

The conference brought together policymakers, industry leaders, financiers and development partners to discuss strategies for accelerating industrialisation, enhancing competitiveness and advancing Zimbabwe’s Vision 2030 aspirations.

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Source: Mutapa Gold gets US$125m facility – herald

Nelson Gahadza-Business Reporter

MUTAPA Gold Resources has secured a US$125 million syndicated financing facility from a consortium of local financial institutions to fund the expansion of Shamva Hill open-pit gold mine.

This is a major vote of confidence in Zimbabwe’s mining sector and the capacity of local banks to finance large-scale investments.

The syndicated facility, one of the largest ever arranged exclusively by local banks for a mining project, exceeded the firm’s initial funding target of US$75 million by US$50 million.

Additional funding will be channelled towards expanding operations at Jena Mine and accelerating Mutapa Gold Resources’ long-term growth strategy as the company seeks to increase gold production.

The financing package was led by CBZ Capital with a US$25 million commitment, alongside Ecobank (US$25 million), CABS (US$20 million), NMB Bank (US$15 million), ZB Bank (US$15 million) and FBC Bank (US$10 million).

Commitments amount to US$110 million, with additional participating institutions expected to complete the balance of the syndication.

The financing agreement is being viewed as a significant milestone for Zimbabwe’s financial services sector, reflecting growing confidence among local banks in the mining industry’s prospects and their ability to support capital-intensive projects.

Speaking at the signing ceremony, Shamva Mine manager Engineer Gift Mapakame said the transaction represented more than the financing of a mining venture.

“This is a demonstration of what can be achieved when capital, technical expertise, institutional confidence and a shared vision come together,” he said.

Eng Mapakame said while transactions of this nature are often concluded away from the public eye, the significance of the facility warranted public recognition.

“This will go down in history as a momentous event because it represents a turning point where the financial services market has become receptive to the national development agenda and recognises mining as the cornerstone of driving that agenda,” he said.

He said the syndicated financing structure demonstrated the growing sophistication of Zimbabwe’s banking sector, which has traditionally been perceived as lacking the depth to finance large-scale mining developments.

The Shamva Hill expansion had been under development for the past five years as part of the company’s strategy to first stabilise underground operations before embarking on major expansion.

Market conditions, characterised by strong international gold prices, proven mineral resources, improved extraction technologies and increased investor interest, had created favourable conditions for the investment.

Once operational, the Shamva Hill expansion is expected to increase annual gold production at Shamva Mine from around 0,8 tonnes to 2,4 tonnes a year, representing a 264 percent increase.

The additional output is projected to contribute about six percent of Zimbabwe’s national gold production and further strengthen Mutapa Gold Resources’ position as the country’s largest gold producer.

The project is also expected to generate significant socio-economic benefits through investments in critical infrastructure, including water and electricity systems, healthcare facilities and educational institutions.

Approximately 1 800 jobs are expected to be created during the construction and operational phases.

CBZ Capital managing director Mr Patrick Matute said the successful arrangement of the facility reflected the maturity and growing capacity of Zimbabwe’s banking sector.

“The industry is now mature enough to fund projects of such significance,” he said.

Mr Matute described the transaction as a transformative investment that would create substantial long-term value.

“We are witnessing more than the financing of a project. We’re witnessing the making of a billion-dollar business. At prevailing gold prices, what we’re witnessing today will become a billion-dollar business,” he said.

Mutapa Gold Resources chief executive Mr Patrick Maseva-Shayawabaya said the overwhelming response from local financial institutions had surpassed the company’s expectations.

“When we went into the market, we were looking for US$75 million. The financial services industry in Zimbabwe surprised us. We have raised US$125 million,” he said.

The oversubscription of the facility provides the company with additional flexibility to pursue expansion opportunities beyond the Shamva Hill project.

Mr Maseva-Shayawabaya said part of the additional funding would be invested in expanding Jena Mine through exploration, resource definition and processing plant upgrades.

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