Harare - Zimbabwe has with effect from Monday operationalised its Sovereign Wealth Fund meant to secure investments for the benefit of future generations of Zimbabweans.
According to the Sovereign Wealth Fund of Zimbabwe Act signed by President Robert Mugabe and gazetted on Monday, the objective of the fund is to support government's development objectives, including its long-term economic and social development.
The fund is also expected to support fiscal or macroeconomic stabilisation, in particular to supplement the revenues of Zimbabwe.
The fund will be driven primarily by 25% of all royalties on mineral exports, which will be deposited along with special dividends on the sales of diamonds, gas, granite and other minerals through the Zimbabwe Mining Development Corporation.
The Reserve Bank of Zimbabwe will be the primary custodian of the fund.