Community share trust yields results

Walter Nyamukondiwa Chinhoyi Bureau
The Zimplats Mhondoro-Ngezi-Chegutu-Zvimba Community Share Ownership Trust has realised more than $1 million return on investment over the past two years.

Part of the $10 million paid out by Zimplats as its pledge to the trust under the Indigenisation and Economic Empowerment was invested largely on the money market. The trust realised $560 000 in 2014 and a further $886 000 bringing the cumulative figure to $1,46 million.

National Indigenisation and Economic Empowerment board, Mashonaland West regional manager Mr Adrean Dumbu said the trust was successful largely due to co-operation from Zimplats, which had to date met its obligations.

The Zimplats’ Mhondoro-Ngezi-Chegutu-Zvimba Community Share Ownership Trust is one of the most functional trusts in the province.

“To date, Zimplats has managed to pay out $10 million they pledged in full,” said Mr Dumbu. “This has allowed the trust to carry out many successful community projects.”

Mr Dumbu said long-term sustainability of the trust was uppermost in their plans.

“We are aware that money comes and goes and we have sought to multiply it by investing so that in the long run it becomes sustainable,” he said.

Mr Dumbu said about $4 million set aside for investment was still intact while modalities for funding youth projects through a revolving fund were being put in place.

“We do not want a situation where people are given money and they fail to pay back for the benefit of others,” he said. “We are looking at funding projects directly and not giving people money.”