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Zimbabwe Clarifies Stance on Black Empowerment as Economy Slows

  • Conflicting interpretations of laws hurting market confidence
  • Banks to contribute by boosting lending to key sectors

Zimbabwe sought to clear up confusion over black empowerment policies, suggesting some flexibility for banks and mining companies already operating in the country in implementing laws for local black investors to hold majority stakes.

“Conflicting positions in the interpretation of the Indigenization and Economic Empowerment Policy have arisen as of late,” according to an e-mailed statement from Information Minister Chris Mushohwe. The statement reflected a policy directive by President Robert Mugabe, he said.