Govt Unveils Another Business Law: Joint Venture Act Gazetted

Govt Unveils Another Business Law: Joint Venture Act Gazetted
Published: 2016 June 01 04:10:03 (1534 Views)
THE Joint Venture Act, expected to promote major investment across economic sectors, came into force last week after the gazetting of a Statutory Instrument to operationalise it.

Through SI 53 /2016, May 27 was fixed as the date of commencement of the legislation. The objectives of the JVA include providing for the implementation of joint venture agreements, establishing governing rules for the public-private procurement process, establishing governing rules for public-private partnerships and supporting major investments across all sectors, particularly infrastructural projects.

Categories of joint ventures under the JVA include build and transfer, build, lease and transfer, build, own and operate, build, own, operate and transfer, build, transfer and operate, contract, add and operate as well as develop, operate and transfer.

Analysts say the Act provides a clear legal framework for participation of the private sector in national projects.

“With all other initiatives that the Government is working on to improve the investment climate, the legislation has come at an appropriate time. It is also critical to note that PPPs are important in reviving the underperforming public corporations,” said an economist with a research firm.

Some analysts say Zimbabwe’s infrastructure deficit would require significant capital, which can be attracted through joint ventures. While there had been keen interest from investors to invest in infrastructure, lack of legal framework for public, private partnerships has inhibited the flow of capital into critical national projects.

The approval of JV agreements will be the preserve of the Cabinet after recommendations from the committee.

This will ensure transparency and that the Government and the investment partner are not prejudiced.

The secretary for Finance and Economic Development will chair the Joint Venture Committee comprising secretaries for the ministries of Industry and Commerce, Transport and Infrastructural Development, Energy and Power Development, Local Government, Public Works and National Housing and Justice, Legal and Parliamentary Affairs.

The committee will be responsible for assisting the minister of Finance to formulate policy guidelines on joint ventures and to ensure that all projects are consistent with national priorities.

The JVU will be responsible for considering project proposals and assess if they are affordable to the Government or any of its parastatals or enterprises seeking such JVs.



- Herald
Tags: Business, Act, Law, ZimAsset, ,
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