Prof Ncube, Sovereign Wealth Fund board meet

Farirai Machivenyika Senior Reporter

Finance and Economic Development Minister Professor Mthuli Ncube met members of the Sovereign Wealth Fund board in its inaugural meeting yesterday.

The Sovereign Wealth Fund was created in 2014 following the enactment of the Sovereign Wealth Fund Act.

In his address to the board, Prof Ncube said the Sovereign Wealth Fund was necessary to ensure future generations benefit from the country’s resources.

“The Sovereign Wealth Fund is necessary in any economy as a way of ensuring inter-generational equity such that current wealth can be passed on to future generations and often its countries that have natural resources that establish Sovereign Wealth

Funds be they oil producers, gas producers and so forth,” he said.

Prof Ncube added that the Sovereign Wealth Fund had already invested in the mining sector and would look for more opportunities in other sectors.