Online Reporter
Rumbidzayi Zinyuke
Senior Reporter
OLD Mutual has pledged to expand its investment portfolio in Zimbabwe, committing fresh funding towards renewable energy, agriculture, infrastructure and other strategic sectors that underpin the country’s economic growth and national development.
This came out yesterday when President Mnangagwa met with a delegation from Old Mutual, led by group chief executive officer Mr Jurie Strydom, who is in Zimbabwe on his first official visit since assuming office in June this year.
Mr Strydom said his visit underscored Zimbabwe’s importance within the Old Mutual Group and reaffirmed the company’s long-term commitment to supporting the country’s transformation agenda.
“This was a courtesy visit, and a testimony to the importance of Old Mutual Zimbabwe and Zimbabwe to the group. We spoke of encouraging stability in the Zimbabwe economy as well as Old Mutual’s efforts to invest and play its role in national development. We have invested in renewable energy, student accommodation, and the hotel sector,” he said.
Old Mutual Zimbabwe chief executive officer Mr Sam Matsekete said the meeting with President Mnangagwa provided an opportunity to explore ways to deepen collaboration between the company, Government and industry.
“We had the opportunity to meet His Excellency, the President, and reflect on areas where we can work together to strengthen our investments and where we can collaborate in terms of industry-wide efforts and initiatives, as well as align with the National Development Strategy,” he said.
Mr Matsekete said Old Mutual’s local investments already span key economic sectors, including agriculture, mining value chains, infrastructure for small and medium enterprises and distribution networks.
He said the company was now responsible for generating about two-thirds of the electricity produced by independent power producers (IPPs) in the country.
“Our projects comprise solar and hydro plants, including one about to be commissioned in Masvingo and another at Tugwi Mukosi,” Mr Matsekete said.
He said the company was encouraged by the stability in the economy and reiterated its commitment to play a part in the country’s development agenda.
“What you will see from all of these investments is meaningful progress, with some of the benefits extending to the communities that we serve as well as the contribution to the development of our industry,” said Mr Matsekete.
Over the years, Old Mutual has established itself as one of Zimbabwe’s most influential institutional investors, with a diversified portfolio across financial services, insurance, real estate and infrastructure.
Through its property arm, the company has financed several landmark developments, including Eastgate Market in Harare, Arundel Office Park and multiple solar energy projects under its Green Energy Fund.
It has also supported agriculture through financing facilities for farmers and investments in agro-processing value chains.
Mr Matsekete said the company’s continued investment drive reflected growing confidence in Zimbabwe’s improving economic stability and the Government’s efforts to create a conducive environment for business growth.
