Industrial Development Corporation of Zimbabwe
The Industrial Development Corporation of Zimbabwe Limited (IDCZ) is a self-financing, national Development Finance Institution (DFI).
The IDCZ was established in 1963 through an Act of Parliament, (Chapter 14:10).
It is wholly owned by the Government of Zimbabwe and accordingly is a state enterprise. The IDCZ, however is unique in that it is was commercialized from its inception as it is also registered in terms of Companies Act (Section 3) of Zimbabwe. The Corporation is a limited liability.
The IDCZ’s role in the economy is to add value through industrial processes and capital formation (foreign direct investment) to create wealth, employment and industrial development in Zimbabwe.
The IDCZ Act allows the Corporation to promote investment and economic co-operation across all borders. The Act stipulates that all undertakings of the Corporation be considered strictly on their economic merits. Accordingly the Corporation is specifically prohibited from serving a purely social or benevolent function. The Corporation is therefore required to operate on a financially self-sustaining basis, irrespective of other considerations or whatsoever.
IDCZ Mandate
The IDCZ is mandated:
- To establish and conduct any industrial undertaking, to facilitate, promote, guide and assist the financing of: new industrial undertakings (including small and medium scale), schemes for the expansion, better organisation and modernisation of and the more efficient carrying out of operations in existing industries and industrial undertakings.
- Implement Government policy in regard to decentralization of industry, choice of technology and any other matter which the Minister (Minister of Industry and Commerce) may specify.
- To undertake the development of management and technical expertise in the carrying out of industrial undertakings
- To take measures to acquire direct and effective control of its investments and to that end to ensure that industrial development in Zimbabwe maybe planned, expedited and conducted on sound business principles.
Address:
Industrial Development Corporation of Zimbabwe Limited,
93 Park Lane
Harare
Zimbabwe
