Online Reporter
Zimbabwe should do more to mobilise domestic capital for infrastructure, renewable energy, agriculture and healthcare instead of relying on foreign investment only to finance development, business leaders said on Friday.
The call was made at the Zimbabwe National Stakeholder Forum on Impact Investment in Harare, hosted by the Zimbabwe Investment and Development Agency (ZIDA) and the United Nations Development Programme (UNDP).
The forum brought together government officials, financial institutions, business leaders, investors and development partners to explore ways of turning development opportunities into commercially viable projects and connecting them with capital.
Econet Group Chief Executive Officer Dr Douglas Mboweni said banks, pension funds, insurers, corporates and other domestic investors represented a significant pool of capital that could be directed towards projects offering financial returns alongside measurable social or economic benefits.
“When Zimbabweans demonstrate confidence in the opportunities within their own economy, they are not simply putting money to work; they are sending a powerful vote of confidence in Zimbabwe,” he said.
Zimbabwe has traditionally sought foreign direct investment to supplement limited domestic resources, but Dr Mboweni said local and international capital should work together to finance commercially viable projects with measurable development outcomes.
“The question is no longer whether Zimbabwe has opportunities. We know that it does. The real question is whether we are converting those opportunities into investments that capital can understand, price and finance,” he said.
Zimbabwe needed a pipeline of investment-ready projects with credible sponsors, clear revenue models, bankable contracts, defined risks and realistic returns, Dr Mboweni said.
“Investors do not invest in potential; they invest in credible propositions,” he said.
Renewable energy illustrated the challenge, with resource potential alone not enough to secure financing.
“What investors need to see is a finance-ready portfolio of projects, credible off-takers, predictable cash flows and a clear understanding of who carries which risk,” Dr Mboweni said.
The UNDP in April 2026 valued the global impact investment market at about US$1.6 trillion, highlighting a growing pool of capital seeking financial returns alongside measurable social and environmental outcomes.
Zimbabwe could tap into that market by developing commercially sustainable enterprises capable of solving real problems while generating returns for investors, Dr Mboweni said.
“Impact investment cannot remain a niche conversation around good intentions,” he said. “We need commercially sustainable enterprises that solve real problems, generate measurable impact and can attract capital repeatedly.”
Dr Mboweni noted however, that early-stage and large-scale projects often carry risks that individual investors may be unwilling or unable to absorb, calling for greater use of blended finance.
Under such structures, concessional or catalytic capital can absorb specific early-stage risks, helping demonstrate project viability before commercial lenders and institutional investors commit funding.
“Some of our most important opportunities are not unbankable; they are simply under-de-risked,” Dr Mboweni said.
UNDP Resident Representative Dr Ayodele Odusola said Zimbabwe had identified 97 investment opportunities through its Sustainable Development Goals investment mapping exercise, of which 27 had been prioritised. More than 85 potentially relevant investors had also been mapped.
The focus should now shift from mapping opportunities to mobilising capital, Dr Odusola said.
CBZ Holdings Group Chief Executive Officer Mr Lawrence Nyazema said domestic financial institutions also had a role to play in directing funding towards productive sectors, including mining and other businesses.
The financial institution secured US$80 million in new funding by April 2026 and was targeting at least US$100 million during the year, with mining, manufacturing and agriculture among the sectors expected to benefit, according to recent company reporting.
There was consensus among participants at the event, that capital alone would not close Zimbabwe’s investment gap. They said stronger project preparation, appropriate risk-sharing mechanisms and greater certainty around policy, regulation and contracts would also be needed to bring projects to financial close.
