Online Reporter
Nqobile Bhebhe, Senior Business Reporter
MATABELELAND North Province has emerged as Zimbabwe’s top investment destination for the first quarter of the year, thanks largely to the proposed US$2 billion, 600MW thermal power project in Kalungwizi, Binga, by independent power producer Yuanlin Energy Investments (Pvt) Ltd.
According to the Zimbabwe Investment and Development Agency (ZIDA), the massive coal-powered energy project, which has a total value of US$2,71 billion, propelled the province to the top of the national projected investment rankings.
“Regarding projected investment value, Matabeleland North Province led all provinces, with US$2,61 billion, representing 54.95 percent of the total. This was driven by one project, which plans to establish a 600MW coal-powered thermal power plant in Binga at an estimated cost of US$2 billion,” ZIDA noted in its latest quarterly report.
The Kalungwizi project is expected to significantly sustain Zimbabwe’s energy security while catalysing broader economic development, particularly in the energy-hungry industrial and mining sectors.
Nationally, Zimbabwe recorded a total projected investment value of US$4,7 billion across all provinces during the period under review.
Mashonaland West ranked second with US$928,04 million (19,54 percent), followed by Masvingo with US$512 million. Midlands recorded US$262 million, Harare US$207 million, Matabeleland South US$152 million, and Mashonaland Central US$43 million. Bulawayo and Mashonaland East each registered US$13 million, while Manicaland had the lowest at US$5 million.
ZIDA said the energy sector emerged as the dominant investment magnet, attracting US$2,72 billion, which translates to approximately 57,39 percent of the national total.
Trailing the energy sector was mining, which drew US$906,80 million, about 19 percent of overall projections. The manufacturing sector followed closely with US$877 million.
Bongani Ndlovu