Branson launches fund for investment in Zimbabwe

Sir Richard Branson championed Zimbabwe as a new destination for investors yesterday, saying it was time to get the nation's shattered economy back on its feet.

While much of the international community has long withheld development assistance, citing the political situation, Sir Richard said the time for "wait and see was over".

"In life, people have got to take risks," the billionaire said in New York, where he introduced some of the world's richest people to his investment venture, Enterprise Zimbabwe. "If everybody waits on the sidelines, it will be the people who suffer. The present state of politics in Zimbabwe is by no means perfect, but it's a great deal better."

The initiative has been running quietly for a year already but was unveiled only yesterday to major philanthropists at the Clinton Global Initiative forum on the sidelines of the UN's anti-poverty summit.

Sir Richard aims to reassure private donors who want to invest but are concerned with how the funds will be used. Concerns remain that foreign investment will go to politicians rather than ordinary people. "The idea of Enterprise Zimbabwe is to have a sort of safe haven for people to invest through," Sir Richard said.

The enterprise was given a cautious welcome by David Coltart, Zimbabwe's education minister, who is one of several cabinet members from the two opposition factions. "I think it is a good moment for private charitable funds to consider supporting the sectors like health, water, transport and education and the private sector," he said.

Zimbabwe was once among the most affluent countries in sub-Saharan Africa but under President Robert Mugabe, the economy has been gutted and international confidence in the nation has been destroyed. In 2008's presidential election, Morgan Tsvangirai beat Mr Mugabe in the first round of voting despite a brutal campaign of intimidation against the opposition. But Mr Tsvangirai was forced to withdraw from the run-off as violence escalated.

Some fragile progress has been made since and Mr Tsvangirai's group was pushed by regional leaders to join a coalition with the ruling Zanu-PF party. The US and EU have also been urged by South Africa to drop targeted sanctions against individuals in Mr Mugabe's regime.

VIDEO
Have you tried new the Independent Digital Edition iPad app?
Arts & Entertainment
James Franco and Chris O'Dowd in Of Mice and Men on Broadway
theatreReview: Of Mice and Men, Longacre Theatre
Life & Style
Infant child breast-feeding with eyes closed
healthTo stop mummy having any more babies, according to scientists
News
news
Life & Style
Going down: Google's ambition to build an elevator into space isn't likely to be fulfilled any time soon
techTechnology giant’s scientists say there is no material strong enough for a cable from Earth into orbit
Arts & Entertainment
film
Sport
Vito Mannone fails to keep out Samir Nasri's late strike
sportMan City 2 Sunderland 2: Goalkeeping howler allows Man City to scrap a draw – but Premier League title is Liverpool's to lose
News
David Cameron sings a hymn during the enthronement service of The Most Rev Justin Welby as Archbishop of Canterbury, at Canterbury Cathedral last year
news
Life & Style
From long to Jong: Guy Pewsey gets the North Korean leader's look
fashionThe Independent heads to an Ealing hairdressers to try out the North Korean dictator's trademark do
Extras
indybest10 best smartphones
Arts & Entertainment
tvCreator Vince Gilligan sheds light on alternate endings
Life & Style
Google Doodle celebrates the 63rd anniversary of the Peak District National Park
tech
News
Paul Weller, aka the Modfather, performing at last year’s Isle of Wight Festival in Newport
people
Life & Style
Michael Acton Smith founded Firebox straight out of university before creating Moshi Monsters
techHe started out selling silliness with online retailer Firebox, before launching virtual creatures who took the real world by storm
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Have you tried new the Independent Digital Edition iPad app?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Energy Consultant – Building Management

up to £45,000 + benefits: The Green Recruitment Company: Our Client The Green ...

Senior Industrial Energy Consultant

Up to £45,000 + benefits: The Green Recruitment Company: Our Client The Green ...

Mechanical Building Services Energy Engineer

up to £45K basic + benefits: The Green Recruitment Company: Our Client The Gr...

Building Services Energy Engineer

up to £45K basic + benefits: The Green Recruitment Company: Our Client The Gr...

Day In a Page

Ricky Gervais: 'People are waiting for me to fail. If you think it's awful, then just don't watch it'

Ricky Gervais: 'People are waiting for me to fail'

As the second series of his divisive sitcom 'Derek' hits screens, the comedian tells James Rampton why he'll never bow to the critics who habitually circle his work
Mad Men series 7, TV review: The suits are still sharp, but Don Draper has lost his edge

Mad Men returns for a final fling

The suits are still sharp, but Don Draper has lost his edge
Google finds a lift into space will never get off the ground as there is no material strong enough for a cable from Earth into orbit

Google finds a lift into space will never get off the ground

Technology giant’s scientists say there is no material strong enough for a cable from Earth into orbit
Westminster is awash with tales of young men being sexually harassed - but it's far from being just a problem in politics

Is sexual harassment a fact of gay life?

Westminster is awash with tales of young men being sexually harassed - but it's far from being just a problem in politics
Moshi Monster creator Michael Acton Smith: The man behind a British success story

Moshi Monster creator Michael Acton Smith

Acton Smith launched a world of virtual creatures who took the real world by storm
Kim Jong-un's haircut: The Independent heads to Ealing to try out the dictator's do

Our journalist tries out Kim Jong-un's haircut

The North Korean embassy in London complained when M&M Hair Academy used Kim Jong-un's image in the window. Curious, Guy Pewsey heads to the hair salon and surrenders to the clippers
A History of the First World War in 100 moments: A forgotten naval victory in which even Nature played a part

A History of the First World War in 100 moments

A forgotten naval victory in which even Nature played a part
Vespa rides on with launch of Primavera: Iconic Italian scooter still revving up millions of sales

Vespa rides on with launch of the Primavera

The Vespa has been a style icon since the 1950s and the release this month of its latest model confirms it has lost little of its lustre
Record Store Day: Independent music shops can offer a tempting alternative to downloads

Record Store Day celebrates independent music shops

This Saturday sees a host of events around the country to champion the sellers of well-grooved wax
Taunton's policy of putting philosophy at heart of its curriculum is one of secrets of its success

Education: Secret of Taunton's success

Taunton School, in Somerset, is one of the country's leading independent schools, says Richard Garner
10 best smartphones

10 best smartphones

With a number of new smartphones on the market, we round up the best around, including some more established models
Mickey Arthur: Aussie tells ECB to stick with Ashley Giles

Mickey Arthur: Aussie tells ECB to stick with Ashley Giles

The former Australia coach on why England must keep to Plan A, about his shock at their collapse Down Under, why he sent players home from India and the agonies of losing his job
Homelessness: Why is the supported lodgings lifeline under threat?

Why is the supported lodgings lifeline under threat?

Zubairi Sentongo swapped poverty in Uganda for homelessness in Britain. But a YMCA scheme connected him with a couple offering warmth and shelter
A History of the First World War in 100 Moments: When the world’s biggest shed took over Regent’s Park

A History of the First World War in 100 Moments

When the world’s biggest shed took over Regent’s Park
The pain of IVF

The pain of IVF

As an Italian woman vows to keep the babies from someone else’s eggs, Julian Baggini ponders how the reality of childbirth is often messier than the natural ideal