National

Zimbabwe courts investors with US$200m Vic Falls bond

Published

4 years ago

September 16, 2021

NEW YORK – Zimbabwe will seek to raise US$200 million in a debut domestic United States dollar bond sale on its stock exchange in Victoria Falls that trades exclusively in foreign currency, according to Finance minister Mthuli Ncube.

“We may have it in small tranches, rather than a single big issuance,” Ncube said in an interview from New York, where he is on a roadshow to attract investment into the southern African nation.

“We might put it in US$30 million tranches of about six issuances.”

Zimbabwe is targeting a yield of six percent to nine percent on the bonds, he said Wednesday on Bloomberg Television.

Yield-hungry investors in frontier markets are interested in the offering, the minister said.

Earlier this month, Bloomberg reported that the bond sale would be for US$100 million.

In August, Ncube said a debt offering could help meet the cost of a US$3.5 billion compensation bill the country is facing after it reached an agreement with White farmers evicted from their land two decades ago.

The so-called “Zimbabwe Global Investor Roadshow” has seen Ncube travel to South Africa and Dubai to court foreign investment.

In New York, Ncube will also meet with officials from the International Monetary Fund and the World Bank, ahead of an IMF visit to Zimbabwe that’s expected next month.

The government has been building up a track record of repaying its foreign debt by making token payments to creditors including the Paris Club, Ncube said.

The country defaulted on payments to the World Bank, the IMF and other multilateral lenders two decades ago.

The IMF is expected to make a decision on a new staff-monitored programme for Zimbabwe later this year, according to Ncube.

The IMF in February 2020 abruptly ended the program saying it had “gone off track.”

The Victoria Falls Stock Exchange also known as “VFEX” was launched a year ago and last week signed a pact with the United Arab Emirates to possibly establish a gold exchange. Ncube sees the exchange helping “deal with gold smuggling and arbitrage,” as well as advertising Zimbabwe’s mineral resources.

A cryptocurrency listing on the VFEX in future is also a possibility.

“We are trying to figure out how to invest in it as an asset class,” he said. The government has no plans to use crypto as a transaction currency, Ncube added.- Bloomberg

National

Coal train in flames: NRZ locomotive damaged in fire incident

Published

1 month ago

April 16, 2025

VicFallsLive

BY WANDILE TSHUMA

A National Railways of Zimbabwe (NRZ) locomotive suffered significant damage after catching fire while transporting export coal to Zambi. The incident occurred between Kalala and Matetsi sidings, resulting in the explosion of the locomotive’s fuel tanks.

According to the NRZ press statement on Monday, “A National Railways of Zimbabwe locomotive suffered some damages after it caught fire this afternoon while transporting export coal to Zambia.” Fortunately, the crew members on board managed to escape unharmed.

The NRZ responded swiftly to the incident, dispatching a rescue train with crews to the site. The team successfully extinguished the fire, preventing further damage. However, the locomotive itself sustained considerable damage.

The cause of the fire is yet to be determined, with investigations currently underway. “Investigations are already underway to establish the cause of the fire and the amount of damage to the locomotive,” the NRZ statement read.

National

Ranger killed by elephant in Kariba

Published

2 months ago

March 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A 62-year-old ranger, Josphat Mandishara, was tragically killed by an elephant in Kariba yesterday.

Mandishara, who worked for the Zimbabwe Parks and Wildlife Management Authority (ZimParks), was on patrol in the Gatche-gatche area with fellow rangers and police officers.

At around 10 pm, Mandishara returned to the harbor where their boat was docked, and that’s when he encountered the elephant. The elephant charged at him, causing fatal injuries. His colleagues were nearby, resupplying at the Gatche-gatche Irrigation Scheme.

Mandishara’s body was taken to Kariba District Hospital for a post-mortem, and the incident was reported to the police.

ZimParks has sent a team to manage the problem elephant and prevent similar incidents in the future.

The Director General of ZimParks, Prof. Edson Gandiwa, and his team have sent condolences to Mandishara’s family, friends, and colleagues. Mandishara will be remembered for his dedication to wildlife conservation in Zimbabwe.

National

ZIMRA customs officer appears in court for criminal abuse of office

Published

4 months ago

February 3, 2025

VicFallsLive

BY STAFF REPORTER

A Zimbabwe Revenue Authority (ZIMRA) customs officer, Phillip Kuvenga, has been accused of criminal abuse of office for allegedly assisting in the importation of banned motor vehicles.

Kuvenga, 28, who is stationed at Victoria Falls, allegedly received documents from clients, completed valuation sheets, and carried out the valuation process. However, he is accused of endorsing different chassis numbers to deceive his supervisors during the validation and approval process.

After obtaining approval, Kuvenga would capture the correct chassis numbers in the ASYCUDA World System. He would then alter or replace the documents submitted earlier to his supervisors.

The offense came to light when a motor vehicle that had not yet arrived in Zimbabwe was found to have been already registered. A thorough check by ZIMRA led to Kuvenga’s arrest.

Kuvenga appeared in court on February 1, where he was denied bail by Magistrate Gift Manyka. He is expected to appear in court again today for another bail hearing.