Zimbabwe Yearns for Sovereign Wealth Fund
The African country Zimbabwe is continuing on the path to establishing a sovereign wealth fund. The Indigenisation and Economic Empowerment Act is allowing the Zimbabwean Government the ability to acquire stakes in foreign-owned companies. At least 51% of shares of every public company operating in Zimbabwe and any other businesses are mandated to be owned by indigenous Zimbabweans.
The rumored name of the new state-owned investment entity is the Zimbabwe Investment Corporation (ZIC). The proposed ZIC will hold equity shares in various foreign entities acquired by the Zimbabwean Government and in addition, receive revenue from a tax on mineral production.
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