ILO Report Highlights Link between Poverty and Productivity

A new report by the International Labour Organisation (ILO) has highlighted the linkage between poverty and labour productivity.  According to the report, entitled “Key Indicators of the Labour Market,” limited investment in training and skills is diminishing opportunities to lift people out of poverty.  Although productivity in East Asia has doubled in the last 10 years, the United States remains the global leader by a considerable amount in terms of labour productivity per person employed in 2006, the report noted.  In South and East Asia, the ILO has seen a marked decrease in the “working poor,” individuals working but unable to earn at least $2 a day.  However, the situation is different in sub-Saharan Africa, where there has been only “moderate” growth in productivity.  The agency stated that an increase in productivity is largely due to firms better utilising capital, labour and technology, and thus limited investment in training and skills, equipment and technology could lead to an underutilisation of the world’s labour potential.  Raising the productivity levels of workers on the lowest incomes in the poorest countries is the key to reducing the enormous decent work deficits in the world, according to the organization.

Three Dams to be Built on Kwanza River in Angola

 Economic feasibility studies are underway for the construction of three dams along the Kwanza River. The projects are expected to be complete between 2013 and 2014, contributing to increased energy production in Angola. The project studies will be completed within 9 to 12 months and will be the basis for an economic analysis that will enable the construction of the dams. Based on preliminary studies, each of the three dams will have the capacity to generate more energy than the Capanda hydroelectric complex, which has a capacity of 520 megawatts. The mid-Kwanza region has an estimated potential of 6,700 megawatts. The river is already the site of both the Cambabe and Capanda dams.

FDI Has Made Positive Impact on South Africa’s Economy

Foreign direct investment (FDI) has had a positive impact in South Africa, especially in key sectors such as automobiles, telecommunications, banking and mining and has played a key role in boosting exports and facilitating growth and employment.  These were among the findings in the recently launched ‘World Investment Prospects to 2011’ report published by the Economist Intelligence Unit. According to the report, FDI inflows have been boosted by the country’s status as the most advanced economy in Sub-Saharan Africa as well as South Africa’s privatization programme and the relatively large domestic and regional market, bolstered by the emergence of a black middle class.  The report also cites the 2010 World Cup as serving to spur FDI in the country in addition to recent measures to ease employment of expatriate works and to tone down the provisions of BEE charters for multinational firms.  The report highlights South Africa’s considerable potential in its export industries, tourism, minerals, agriculture and IT.

Sharp Divide Persists in Perceived Corruption in Rich and Poor Countries

The divide in perceived levels of corruption in rich and poor countries remains as sharp as ever, according to the 2007 Corruption Perceptions Index (CPI),released by Transparency International, the global coalition against corruption. Developed and developing countries must share responsibility for reducing corruption, in tackling both the supply and demand sides. The 2007 Corruption Perceptions Index looks at perceptions of public sector corruption in 180 countries and territories - the greatest country coverage of any CPI to date – and is a composite index that draws on 14 expert opinion surveys. It scores countries on a scale from zero to ten, with zero indicating high levels of perceived corruption and ten indicating low levels of perceived corruption. A strong correlation between corruption and poverty continues to be evident. Forty percent of those scoring below three, indicating that corruption is perceived as rampant, are classified by the World Bank as low income countries. Somalia and Myanmar share the lowest score of 1.4, while Denmark has edged up to share the top score of 9.4 with perennial high-flyers Finland and New Zealand. Scores are significantly higher in several African countries in the 2007 CPI. These include Namibia, Seychelles, South Africa and Swaziland. These results reflect the positive progress of anti-corruption efforts in Africa and show that genuine political will and reform can lower perceived levels of corruption.

EUREPGAP Approves the Kenya GAP Standards

Kenya GAP is the Good Agricultural Practice standard which was developed by the Fresh Produce Exporters Association of Kenya (FPEAK) for fruit, vegetables and flowers. KenyaGAP was developed to enable Kenyan exporters access the lucrative European Union (EU) market and is equivalent to EUREPGAP, while taking into consideration farming techniques employed by small-scale farmers in the country. The launch of the EUREPGAP benchmarked Kenyan equivalent standard Kenya GAP is imbedded in the celebration of FPEAK`s 30th Anniversary. The industry reflects on the milestones achieved in the last three decades and a time to reposition the industry for the competitive phase ahead. Horticultural exports accounted for Ksh 49 billion–over US$ 700 million in 2006, making it the second highest income earner after tourism and registering the highest growth 14% in the agricultural sector. There are about 500,000 producers nationally, 80% being small and medium scale, and the sector employs over 4 million people directly and indirectly.

South Africa Pledges Support for Major Projects in the DRC

South Africa has agreed to help finance several major infrastructure projects in the Democratic Republic of Congo (DRC), including the construction of a new terminal at Kinshasa's N'Djili International Airport and a deep sea port at Banana on the Atlantic coast. South Africa has also agreed to provide funds for the rehabilitation and modernization of the Inga Hydro-electric Dam, one of the biggest projects to be implemented under the New Partnership for Africa's Development (Nepad). According to the DRC's foreign ministry, Mbeki and Kabila conducted a review of existing co-operation agreements between the two countries, and signed new agreements in the fields of health and transport. Areas covered by the existing SA-DRC agreements include telecommunications, mining and energy, infrastructure development and tourism. South Africa has been heavily involved in post-conflict reconstruction and development in the DRC.

Tourism to contribute 12% of South Africa’s GDP by 2010

The tourism industry is to make up about 12 percent of the country’s Gross Domestic Product (GDP) by the time the 2010 FIFA World Cup comes around, according to the Chief Executive Officer of SA Tourism.  According to Mr. Mosola, the industry currently contributes about 8.2% of the national GDP, which is a R79 billion contribution. On media reports of fears that South Africa would not be able to handle the influx of people in 2010, the CEO said that on a monthly basis the country already deals with 650,000 travellers. Organisers are expecting some 450,000 international travellers in the space of six weeks. In 2006, 8.3 million people passed through the country and SA Tourism expects the industry to contribute about 12% to national GDP by 2010.

Global Employment Services firm in BEE Deal

Manpower SA (Pty) Ltd, the South African subsidiary of Manpower Incorporated, the global employment services giant with over 4,400 offices in 74 countries, has sold a 30% equity stake to MG & Associates, a 100% black owned Executive Search and Strategic Selection agency, specialising in the ICT sector. Manpower Incorporated is a global leader, with 98% of Fortune 500 companies using Manpower as their staffing partner, according to the company. The ownership deal is the first step in Manpower SA’s commitment to Black Economic Empowerment, with further transformation towards broad based BEE being addressed over the next year.

Luanda Seafront Gets US$ 2 Billion Makeover

Private investors will invest approximately US£ 2 billion in a 15-year project to revamp the Luanda seafront and bay. New hotels, offices and houses will be built as part of the effort to improve the area stretching from the Port of Luanda to the Ilha Peninsula, which is home to some of the city's most fashionable restaurants and clubs. The private component of the project will be launched in parallel with the conclusion of the re-development of the bay. The re-development of the bay is estimated to cost USD 135 million and is being financed by the Portuguese bank Millennium BCP. The construction project is being managed by the Belgian company Dredging International. The project will help alleviate heavy traffic in the area, by allowing the Luanda costal road to be widened to 3 lanes in each direction. This area is a popular meeting place and activity center, and home to the city's growing financial district.

Ghana Goes for Offshore Banking

Ghana's focus to become a major player in the global financial markets has taken off with the opening of the first offshore banking operation. Barclays Bank Ghana Limited has been granted a General Banking License by the Bank of Ghana to operate the first banking business under the International Banking Component of the International Financial Services Centre. The International Financial Services Centre will have a full range of non-bank financial services and it is part of a comprehensive financial sector development programme.

South Africa’s Aerospace Industry Gets a Boost

The South African Government has endorsed three initiatives aimed at boosting South Africa's aerospace industry.  They include building a multi-million rand component supplier park outside Pretoria; expanding an existing support programme for suppliers; and tackling the shortage of skills in the industry. The supplier park, the Centurion Aerospace Village, will be built with R29-million provided by the European Union, which has also pledged a further R40-million for the project over the next two years. The second initiative involves expansion of the Aerospace Industry Support Initiative, which aims to develop an industry supplier base through a supply-chain improvement programme and a supplier development programme.  The third initiative involves work done by the National Aerospace Centre of Excellence (NACoE) to address the scarcity of skills and capacity in the local aerospace industry. The South African government aims to increase the country's exports and to exploit the growth in commercial air traffic, and the consequent need for aircraft maintenance and modification, around the continent.

Orascom to Invest in South Africa

Egyptian multinational company Orascom Construction Industries (OCI) has announced plans to build a cement plant worth around US$440-million (R3.2-billion) in Mafikeng in South Africa's North West province, in partnership with local black economic empowerment groups. The Cairo-based multinational will begin production by 2010, with a planned capacity of 2-million tons per year. South Africa is currently going through a construction boom, with major projects such as the government's R410-billion capital infrastructure upgrade, 2010 World Cup related infrastructure and the Gautrain leading to increased demand for cement. OCI will own 67.5% of the new cement company, with the rest being owned by broad-based black empowerment groups, including traditional councils and trusts representing local communities.

Microfinance Milestone: ACCION Reaches 2.5m Poor Entrepreneurs

ACCION International, a pioneer and leader in microfinance, has announced that the number of active clients it reaches through its partner network with small loans and other financial services has surpassed 2.5 million, and that the organization is on track to increase that number to over 3 million individuals by year-end. Since it first began making small loans - often as low as $100 - to the poor in Brazil in 1973, ACCION has been building an alliance of global partners to reach microentrepreneurs around the world.  In 2006, ACCION helped deliver a total of $3.72 billion in small loans to microentrepreneurs through its international network of 35 partners, working with an operating budget of only $18.6 million. Additional highlights for ACCION within the last year have included a major new partnership with AIG to help expand microfinance beyond credit; the establishment of new microfinance operations in Nigeria, Ghana and China; expansion in India; and the creation of a new equity fund to finance innovative microfinance technology and infrastructure. The Boston-based nonprofit operates in 25 countries in Latin America, Africa, and Asia, and also in the United States through its sister organization, ACCION USA.

US Firm to build New Power Plants in South Africa

A consortium led by US power producer AES has been selected as the preferred bidder to build, own and operate two new power plants in South Africa, representing an investment of over R5-billion during the construction phase, a significant portion of which will constitute foreign direct investment in the country. The AES consortium will build two open cycle gas turbine peaking power plants, a 760MW plant in Durban and a 342MW plant in Port Elizabeth. The plants will contribute to state electricity company Eskom's efforts to improve the reserve margin of SA's power system. At least 200 permanent and 6,000 temporary jobs are expected to be created during construction of the plants, which is set to begin at the end of the year, once the contract with the consortium has been finalised. The Eastern Cape plant will be built in the Coega Industrial Development Zone near Port Elizabeth, while the KwaZulu-Natal plant will be built at the Avon sub-station on the coast north of Durban.

NEPAD welcomes Britain’s $20m contribution to New Africa Fund

Britain’s Department for International Development (DFID) has announced the contribution of $20-million to the Africa Enterprise Challenge Fund (AECF) set up to support innovative business ventures in Africa’s agriculture and finance sectors.  The AECF, which will provide match-funding for business innovations that improve the economic prospects of the most excluded in Africa, as employees, entrepreneurs or consumers, will become operational in early 2008.  It will offer grants of up to $1.5 million to businesses that provide innovative proposals for improving people's chances to take part in economic activity, particularly in the areas of finance and agriculture. Seventy per cent of Africans work in agriculture.  Other donors who have already committed to support the fund include the African Development Bank, the Consultative Group to Assist the Poor (CGAP) and the International Fund for Agricultural Development (IFAD). The Netherlands Ministry of Foreign Affairs is also a part of the Donor Steering Group.

Etisalat Acquires 40% of Mubadala

Emirates Telecommunications Corp. (Etisalat) said it had bought a 40% stake in a new Nigerian telephone operator, Abu Dhabi-based Mubadala Development Company. Etisalat, the third-largest Gulf Arab telecoms firm by market value, did not say how much it paid for the stake in the firm that will provide fixed line, mobile phone, international calling and data services to Nigeria’s 140 million people. Reuters reports that Mubadala would retain a 30% stake in the operator, set to start services in March 2008, with the other 30% held by local Nigerian investors, the companies said in a joint statement. Etisalat would be the third fixed-line service provider and fifth mobile operator in Nigeria, it said. Existing operators serve 34 million mobile phone customers, for a penetration rate of around 23%, it said. Source: Databank

Oil Discovered in Onshore Cabinda Field Five Times Greater than Predicted

The Massambala-1 oil field has a total reserve of 170 million barrels of oil, which is five times the initial forecast of 33 million barrels. The oil is heavy, viscous crude rather than the light petroleum usually found in Angola and Western Africa. The oil field is maintained by Operator Roc Oil, which holds 60% of the block, Sonangol at 20% and Force Petroleum at 20%.  Exploration of onshore Cabinda requires investments of US$ 54 million. The Cabinda region accounts for over half of Angolan oil production.

MTN to Build Fibre-Optic Network in South Africa

South African cellular operator MTN has announced plans to build a 5,000km fibre-optic network covering the country's major centres within the next two years in order to cope with the increasing demand for bandwidth from its customers. The decision to build a national backbone follows a successful two-month pilot project during which fibre-optic cables were laid between the Johannesburg suburbs of Sandton, Illovo and Rosebank, with companies such as SABMiller and the JSE taking part. Under its mobile license, MTN may self-provide the telecommunication facilities used to build its mobile converged telecommunications services, while also leasing out excess capacity on its fixed infrastructure. The company already has experience in building and running fixed-line networks in Ghana, Nigeria and Uganda.

Mozambique Receives US$6.2 Million Grant for Market Led Smallholder Development Project

The World Bank Board of Executive Directors has approved a US$6.2 million grant from the Global Environment Facility (GEF) to Mozambique in support of the Market Led Smallholder Development Project in Zambezi Valley. The GEF funds are in addition to the earlier International Development Association (IDA) credit of US$20 million approved by the Board. The main objective of the new GEF contribution is to support activities that limit land degradation, provide predictive capacity for assessing vulnerabilities to climate change, and improve the ecosystems’ resilience towards climate change in the Central Zambezi Valley.  The Market Led Smallholder Development Project aims to increase the incomes of smallholder farmers in selected districts of the Zambezi Valley Region in central Mozambique. This will be achieved by direct support to smallholder groups and other supply chain participants, and also through the strengthening of local level capacity to undertake and manage agricultural services within the context of the Government’s decentralization policy.

World Bank and U.N. to Help Poor Nations Recover Stolen Assets

The World Bank and the United Nations have announced that they are setting up a system to help developing nations recover assets stolen and sent abroad by corrupt leaders that amount to an estimated $40 billion a year.  Robert B. Zoellick, the bank’s President has estimated that the overall cross-border flow of global proceeds from criminal activities, corruption and tax evasion was $1 trillion to $1.6 trillion annually, and said that even a small portion of that could provide financing for much-needed social programs.  He said that every $100 million recovered could pay for immunizations for four million children, or provide water connections for 250,000 households, or finance treatment for a year for more than 600,000 people with H.I.V. and AIDS.  The problem of stolen assets is most acute in Africa, where an estimated 25 percent of the gross national product of states is lost to corruption, he said.  The new system will work to build the capacity of developing countries to track stolen money going overseas and to emphasize ways that financial centers can better detect and deter money laundering. The Bank intends to assist countries in devoting recovered money to proper development use “to make sure it is not stolen twice”. The programme is being developed in partnership with the United Nations Office on Drugs and Crime.  Source: New York Times

NEPAD and Mozambique agree on Joint Plan on Fisheries and Aquaculture

NEPAD FISH and NEPAD Science and Technology agreed on a joint fisheries and aquaculture with the Ministry of Fisheries in Mozambique. The program aims at deepen awareness and understanding of opportunities and constraints in the context of NEPAD Fish, SANBio and national policy implementation.  A number of priorities have been agreed upon as requiring joint implementation and follow-up, including a review of on-going NEPAD Science and Technology programmes to encompass marine fisheries and biodiversity and the need to deepen involvement of the Ministry of Fisheries in regional fisheries and aquaculture development programmes.  Mozambique’s University of Eduardo Mondlane (UEM) requested NEPAD to support a project to establish the Rural Planning and Development College which will be situated in Inhambane.  The goal of this College is to provide students with rural development and entrepreneurial skills. It will deliver its materials predominantly in English in line with the SADC guidelines on education reforms.

South Africa and Mozambique Solidify Economic and Trade Relations

South Africa and Mozambique are set to solidify an already stable bilateral trade and economic relationship with 41.4% of Mozambique’s imports coming from South Africa in 2005. South Africa and neighbouring Mozambique share an economic relationship which is the strongest in the Southern Africa region.  Statistics show that in 2005, over 40% of Mozambique’s imports emanated from South Africa, and about 12% of Mozambique exports were destined for the South African market.  Mozambique remains South Africa’s second largest export market in Southern Africa. Total exports by South Africa to Mozambique amounted to over R6.2 billion in 2006. Imports from Mozambique were valued at close to R318 590 million for the same year.  The Industrial Development Corporation has been utilised by South Africa as the primary catalyst for South African investment in Mozambique and has to date approved funding for 10 projects geographically spread throughout Mozambique and is currently investigating six additional projects in the country in sectors including mining and mineral beneficiation, agriculture, tourism, chemicals, forestry, transport infrastructure and energy.

Ericsson to Set up Fiber Optic Network in Angola

State owned company Angola Telecom has chosen the Ericsson Group to supply and assemble an undersea fiber optic network linking six coastal provinces of Angola. The contract is worth USD 70 million and will include the supply and assembly of equipment, as well as associated services. The network called ADONES (Angola Domestic Network System), will cover the entire 1,600 kilometer stretch of the Angolan coast, from Cabinda Province to Namibe.  The network is due to be in operation at the end of 2008.

East Africa Bourses to Integrate

The three stock exchanges in East Africa have resolved to concentrate on capital market integration instead of the current policy of pursuing mass cross-listings. The East African Securities Exchanges Association made the decision as the emergence of a harmonious trading system in Kenya, Uganda and Tanzania is a strong factor in opting for capital market integration over cross listings. But the failure to register massive cross listings in the region is apparently the biggest cause of the change in harmonisation strategy. Integration of capital markets will use a single provider for the operating system and enable people from all over the region to trade shares wherever they are. Therefore, it is hoped that the integration through a harmonious Central Depository System can achieve more effective results than waiting for cross-listings that move slowly. Over the past six years, only three companies - Kenya Airways, East African Breweries Ltd and Jubilee Holdings Ltd - have managed to cross-list in the region.  Source: Databank

Nigerian Stock Exchange to Phase out Share Certificates

Following the difficulties and complaints associated with the dispatch of share certificates to investors, the Securities and Exchange Commission and Nigerian Stock Exchange (NSE) has given December 31st, 2008 as the deadline for the total phase out of the issuance of share certificates to the investing public. This decision which was reached at a stakeholders meeting between SEC, NSE, Central Bank of Nigeria (CBN) and other capital market operators in Lagos on Thursday seek to replace the old share certificates with electronic system of share holding in the Central Securities Clearing System (CSCS), the central depository of the NSE. Shareholders were advised to begin the demobilisation of the share certificates into the CSCS system before the end of the deadline.

British Oil Company BP Invests in Production Ship for Angola

British Petroleum (BP) has invested US% 5 billion in the construction of an oil production, storage and transport ship to operate in the area offshore Angola.
The factory ship will operate in developing the Plutónio, Paládio, Gálio, Cobalto and Crómio oil fields, located in Block 18. The ship has a storage capacity of 1.77 million barrels of oil and a maximum daily production of 240,000 barrels of oil.

China Loans DR Congo US$5bn

China has signed a deal to loan the Democratic Republic of Congo $5bn to develop infrastructure and mining. According to the Government, the money will be spent on building roads, hospitals, health centres, housing and universities. In exchange, China will get rights to DR Congo's extensive natural resources, including timber, cobalt and copper. A recent study concluded that China's main interest in Africa is to guarantee supplies of raw materials. This is the largest single loan to any African country of the $20bn that China has pledged to finance trade and investment in the continent over the next few years.

NEPAD Cities Programme Moves Ahead

Phase 2 of the NEPAD Cities Programme has been launched in Durban, South Africa and aims to address urbanisation and its consequences in order to make African cities more attractive for economic investment. Seven cities were selected to kick-start the programme in July 2003 -- Durban, Bamako, Lagos, Lusaka, Nairobi, Rabat and Douala. The profiles of these cities were prepared by their municipalities with technical assistance from the United Nations Human Settlement Programme (UN-HABITAT). Phase 1 of the programme was aimed at intensifying efforts to continue building constituencies towards an effective ownership of the NEPAD objectives and the Millennium Development Goals (MDGs) at the regional and local levels. Proposed Phase II activity is to raise awareness and sensitise local authorities and local communities to NEPAD objectives. It will also enhance the capacity of local authorities to assist national governments in addressing the NEPAD objectives and managing the delivery of basic services to reduce poverty and promote socio-economic cohesion in Africa.

World Bank and IFC Launch Lighting Africa

The World Bank and the International Finance Corporation have launched Lighting Africa, an initiative designed to provide lighting to 250 million people in sub-Saharan Africa by 2030. It aims to help rural and urban areas not connected to the electricity grid.

Job Creation Improves in Quality and Quantity in South Africa

South Africa gained almost 200,000 jobs in the year to March 2007, according to Statistics SA's labour force survey, as the recovery in job creation that started in 2003, and the shift to formal sector employment that began in 2001, both continued. The survey shows that the number of employed South Africans rose from 12 451 000 in March 2006 to 12 648 000 in March 2007, pushing the percentage of working-age South Africans with jobs up slightly, from 41.7% to 41.9%. While South Africa's official unemployment rate remained virtually unchanged at 25.5%, compared with 25.6% in March 2006, this was due to the increase in the number of people in the market for jobs. South Africa's working age population rose from 29.8-million in March 2006 to almost 30.2-million in March 2007. The trade industry (including the wholesale and retail sectors) remained South Africa's biggest employer, accounting for 23.4% of total employment in March 2007, followed by the community and personal services industry (18.3%) and manufacturing (13.9%). The industries with the biggest employment gains in the year to March 2007 were community and personal services, including domestic, shop and sales workers (127 000 new jobs), finance (126 000 new jobs), and construction (102 000 new jobs). In March 2007, formal sector jobs accounted for 66.6% of South Africa's total employment, whereas the informal sector (also excluding agriculture) accounted for 16.9% and domestic work for 7.4% of all jobs.

Sasol Announces £1 Billion BEE Deal

South African Petrochemicals group Sasol has announced plans to transfer 10% of the group to employees and black investors. At the current share price the deal is worth more than £1.25 billion. It is the biggest Black Economic Empowerment deal in the country to date. Shareholders still need to approve the plan, which will be finalised in the first half of 2008. One analyst said the deal would see Sasol’s net asset value per share drop 14.6% to £6.

Ghana Issues Sovereign Bond

Ghana became the first sub-Saharan African country outside South Africa to issue a sovereign bond on the international capital markets. It is also the first time a post-HIPC country has successfully borrowed from the international capital markets. The government raised US$750m at a coupon rate of 8.5% bond with a term of 10 years. The funds are targeted at financing infrastructural projects in the transportation and energy sectors. The bond has been listed on the London Stock Exchange and was lead managed by Citibank and UBS. Databank acted as a co-manager for the issue. The issue was oversubscribed by 580%.

MTN Raises US$2bn for Nigeria Expansion

MTN has negotiated one of Africa’s largest-ever loans of $2bn to expand its network in Nigeria. The loans arranged by Standard Bank will be used to improve a network of 14 million customers. The five-year medium-term debt facility will give MTN Nigeria the capital to grow market share and improve coverage, the companies said. MTN originally aimed to raise debts of $1,2bn, with $840m coming from Nigerian lenders and $360m from foreigners. But the syndication was subscribed by more than 200% as commercial banks showed an appetite to get involved. The new amount of $2bn is made up of $1,6bn in local cash and $400m in foreign currencies.

Lonrho Acquires Two Zimbabwe Companies

Lonrho plc has acquired an international company with majority stakes in two strategic businesses in the country. Lonrho acquired an 80% stake in Blueberry International Services Ltd (Blueberry), an offshore holding company which owns Celsys Ltd and Peak Mine. Lonrho paid US$5,45 million for the stake. Blueberry owns Peak Mine which in turn holds 60% of Celsys Ltd a communications company listed on the Zimbabwe Stock Exchange. Celsys wholly owns Gardoserve, a private industrial chemical manufacturer and distributor which trades as Millpal. Lonrho's acquisition of Celsys and Millpal is its first investment in Zimbabwe following the announcement by LonZim Plc that it would set aside £50 million for investment in Africa. LonZim is a separate and specific fund that Lonrho is establishing to build a portfolio of investments in Zimbabwe and neighbouring countries.