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Zida launch alone wonât bring much-needed FDI
December 24, 2020
LAST weekâs launch of the investorsâ handbook 101 by Treasury boss Mthuli Ncube as well as the launch of the Zimbabwe Investment Development Authority (Zida) by President Emmerson Mnangagwa, though commendable, would be exercises in futility if government does not entrench property rights, among other much-needed sweeping reforms crucial towards attracting capital.
Tinashe Kairiza
With Zimbabwe gripped by an intractable economic maelstrom, the southern African country has struggled to attract meaningful foreign direct investment (FDI) largely due to its hostile policies which have spooked investors.
In the face of dwindling investment figures, Mnangagwaâs administration launched the investorsâ handbook and Zida last week in a bid to lure capital into the country.
NRZ slapped with US$236m lawsuit
SOUTH Africa-based business syndicate, the Diaspora Infrastructure Development Group (DIDG), has filed a lawsuit at the High Court demanding damages amounting to a staggering US$236 million from the National Railways of Zimbabwe (NRZ) after government unilaterally terminated its US$400 million contract to recapitalise the country’s out-of-date rail system.
Tinashe Kairiza
As revealed by this newspaper in its exclusive series on the botched deal, Attorney-General Prince Machaya advised Transport minister Joel Biggie Matiza on the legal consequences of reversing the US$400 million deal awarded to DIDG.
According DIDG’s application seen by the
Zimbabwe Independent this week, the consortium, which won the tender to recapitalise NRZ in 2017, only to lose the deal last year, wants the contract to be restored, failure of which it wants NRZ to pay US$236 million as compensation for breach of contract.