Sundaymail Editor
Online Reporter
CABINET has approved the Economic Empowerment Bill, which revokes the Indigenisation and Economic Empowerment Act (Chapter 14:33) and paves way for the enactment of a new Economic Empowerment Act.
Addressing a post-Cabinet media briefing on Thursday, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said: “The formulation of the draft Bill will be undertaken through a multi-stakeholder consultative process under the Whole-of-Government approach.
“It will be recalled that the amendment removed the 51/49 indigenisation shareholding cap. The new law will provide for the establishment of the National Economic Empowerment Fund, mainly through Treasury funding.
“The Act will also establish a Corporate Social Responsibility Framework, and training will be operationalised under the National Entrepreneurship Training Framework of the Manpower Planning and Development Act.”
Bongani Ndlovu
Online Reporter