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Tinashe Makichi Business Reporter
United Arab Emirates-based financial institution, Tabarak Investment Bank’s proposed investment into the mining and petroleum sectors have failed to take off due to delays in funding approvals from different authorities in Zimbabwe. Speaking from his base in Dubai yesterday, Mondore General Trading executive director Dr Andre Homberg told The Herald Business that no progress has been made in terms of the company’s proposed investment.
Tabarak Investment Bank through its Zimbabwe-based subsidiary Mondore General Trading (Pvt) Limited is currently involved in the trading of agricultural products.
“Our projects failed to take off as planned due to delays in getting approvals especially on the side of Zimbabwe. Once the approvals are done then you will see us start our projects.”
The company last year submitted significant funding proposals to relevant authorities as the bank accelerated efforts to start investing in Zimbabwe.
The company has already obtained an investment licence from the Zimbabwe Investment Authority.
Dr Homberg said the company will invest heavily in mining and petroleum businesses while agriculture will be a focal area as well.
He, however, could not disclose the size of financial investment earmarked for Zimbabwe saying they are still engaging different authorities.
Tabarak is also working with its stakeholders to provide structured finance to Zimbabwe. The company last year finalised a joint venture deal with a local upcoming petroleum company, Line Petroleum based in Chisipite.
As part of the deal, Mondore Trading would be responsible for facilitating the importation of petroleum into the country on behalf of Line Petroleum.
Last year, Dr Homberg told this publication that there was potential to explore other markets in the east to raise funds for the development of Zimbabwe.
He also noted that a vibrant banking system and financing are critical for the success of Special Economic Zones, which have been proposed by the Government in a bid to attract foreign direct investment.
Dr Homberg said Government should consider establishing an investment guarantee fund which will be used to offer sovereign guarantee to attract public private partnerships.
Online Reporter