Monday, October 13, 2014

Zimbabwe's indigenisation gets $3bn

By Janet Shoko 

THE AFRICA REPORT - 13 October 2014

The transfer is over a four year period.
President Robert Mugabe's Zanu PF party is championing the policy, using a 2008 law that requires all foreign firms, including mines and banks, to be majority-controlled by local blacks.
Although Zanu PF campaigned on the platform of indigenisation, critics say it is becoming increasingly clear the party is unable to proceed after the polls with a programme continuously damaging the economy, fuelling capital flight and keeping investors at bay.
However, according to the National Indigenisation and Economic Empowerment Board compliance report, 1,089 applications have been processed since 2010 with mining accounting for 398.

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