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National Indigenisation and Economic Empowerment Fund

Zimbabwe US$ 4.9 Billion
Established: 2007
Transparency Rating: n/a
Origin: Mining (companies)
Firm Investment Style: n/a
Entity Structure: Fund

 

Summary
The National Indigenisation and Economic Empowerment Fund (NIEEF) was created after foreign-owned mining companies ceded shareholding to the Zimbabwe government under the 51:49 ratio as mandated by the Indigenisation and Economic Empowerment Act of 2007.

Background
Since enactment foreign-owned miners have been selling interests to meet the required ratio set by the government of Zimbabwe.

Strategy & Objectives
Some of the fund’s objectives include: financing foreign-owned share acquisitions, providing SME financing, infrastructure, and other projects delegated by the Minister to promote economic development for indigenous Zimbabweans.

Governance
It is managed by a board called the National Indigenisation and Economic Empowerment Board which consists of 11 to 15 members. The board appoints a chief executive officer to carry out duties.

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