Zimbabwe is setting up a sovereign wealth fund (SWF) to hold shares in various entities acquired by the government and secure resources for the future, The Standard reports. Zimbabwe Investment Corp. will hold such shares as part of the empowerment legislation and revenue raised from an SWF super tax of 5 percent on mining of minerals
The fund will be a part of the Ministry of Youth Development, Indigenization and Empowerment with the Ministry of Finance overseeing it. The wealth fund will look to raise more than $5 billion in assets over the next three to five years.
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