HARARE - President Mnangagwa yesterday met German investors who are set to partner mining and metal giant, Kuvimba Mining House, in the resuscitation of the Zimbabwe Iron and Steel Company (Zisco). In February this year, the Government picked Kuvimba Mining House to lead the revival of the steel firm after a careful consideration of nine…
President Mnangagwa yesterday met German investors who are set to partner mining and metal giant, Kuvimba Mining House, in the resuscitation of the Zimbabwe Iron and Steel Company
KUVIMBA Mining House (KMH) has reportedly proposed to invest up to US$1,3 billion over three years to breathe a new lease of life into mothballed State-owned Zimbabwe Iron and Steel Company (Ziscosteel). The once vibrant steel giant, ceased operations nearly a decade and half ago. Kuvimba, which has an array of mining assets, is targeting…
Zimbabwe s State-Owned Miner Selected to Revive ZISCO Steel Firm thezimbabwemail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thezimbabwemail.com Daily Mail and Mail on Sunday newspapers.
DUMISANI NYONI
According to a Monetary Policy Statement released by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya last week, foreign investment declined from US$53.47 million to US$40.06 million in 2020 while international and diaspora remittances increased by 57.6% to US$1.002 billion.
Loan proceeds registered 42.5% growth to US$845.21 million whereas income receipts and non-governmental organisations contributed US$56.85 million and US$647.75 million, respectively.
In total, foreign currency receipts for 2020 increased by 14.9% to US$6.288 billion.
Economic analysts attributed the decline in foreign investment to the outbreak of the Covid-19 pandemic which heightened the risks.
“The decline in foreign investment is because of the risks associated with the Covid-19. No one was actually going to be investing. But already the crisis before was associated with declining foreign direct investment (FDI),” economic analyst Godfrey Kanyenze said.