MIF controls about US$16 billion in assets, according to official figures published in 2024, placing it among the continent’s larger sovereign funds.
Established in 2014 as the Sovereign Wealth Fund of Zimbabwe and rebranded in 2023, it manages more than 30 state-owned enterprises across mining, energy, transport, telecommunications, agriculture, banking and real estate.
One of its most significant moves this year was the acquisition of an additional 35 percent stake in Kuvimba Mining House in a transaction worth US$1.9 billion.
The deal, finalised in April, was financed through 10-year Treasury Bonds, allowing repayment to be spread over time without immediate cash expenditure.
Independent valuations put Kuvimba’s worth at around US$3.2 billion as of late 2023, making it one of Zimbabwe’s most valuable mining companies with assets in gold, platinum, lithium and nickel.
The acquisition raised MIF’s direct stake to 63 percent, with other shares allocated to pension funds, deposit protection schemes and empowerment groups including war veterans, women and youth.
The Fund is also deploying capital in the energy sector, backing the US$455 million rehabilitation of Hwange Power Station Units 1–6 through a partnership with Jindal Africa.
The partnership between ZPC, the Mutapa Investment Fund, and Jindal Africa on the rehabilitation of Hwange Power Station Units 1–6 is crucial, as it not only promises to restore nearly 800MW of reliable power to the national grid but also underpins Zimbabwe’s drive toward energy security and industrial growth.
Both projects are aimed at stabilising electricity supply, a long-standing constraint on Zimbabwe’s industrial productivity.
Beyond mining and energy, Mutapa’s portfolio includes telecommunications providers NetOne and TelOne, financial institutions such as POSB, and agricultural firms including Cottco.
The Fund has introduced corporate governance reforms, recapitalisation programmes and performance-based targets across its holdings, with early signs of improved efficiency.
NetOne, for example, has begun rural broadband expansion using Mutapa-backed funding, while TelOne is seeking to enhance its data centre infrastructure.
Critics have raised concerns about MIF’s exemption from public procurement laws, but management insists governance remains a priority, citing regular audits, parliamentary briefings and board-level oversight.
Analysts say the Fund’s ability to deliver will hinge on scaling production in mining, improving the performance of state-owned enterprises and ensuring transparent use of proceeds from its investments.
With its asset base and strategic holdings, MIF is central to Zimbabwe’s attempt to achieve upper-middle-income status by 2030.
By leveraging natural resources and restructuring state companies, the Fund is seeking to attract capital, improve infrastructure and create fiscal space without adding immediate pressure on the national budget
