Mutapa Fund Moves To Revive ZUPCO With 500 New Buses

Mutapa Investment Fund (MIF) chief executive officer John Mangudya says ZUPCO is set to receive 500 new buses as Government intensifies efforts to revive struggling State-owned enterprises, with the first 185 expected before the end of this year.

Mangudya revealed the development while addressing participants at the Zimbabwe National Defence University in Harare last week, where he outlined the Fund’s investments and progress across the transport, mining and manufacturing industries.

He said the acquisition would significantly expand ZUPCO’s existing fleet of 267 buses operating across the country.

“The Fund is procuring 500 new buses to capacitate ZUPCO, of which 185 are expected to be delivered before year-end. This will add to the fleet of 267 currently servicing the country,” said Mangudya.

The transport sector is among the key areas receiving support from the Fund, with Air Zimbabwe and the National Railways of Zimbabwe (NRZ) also benefiting from ongoing interventions.

At Air Zimbabwe, Mangudya said the Fund facilitated the return of two aircraft to service following maintenance, settled lease payments for an ATR42 serving domestic routes and an Airbus A330-300 operating the Harare-London route.

He added that plans were being considered to acquire more smaller aircraft to improve domestic and regional connectivity.

At NRZ, the Fund raised US$10.46 million for immediate interventions under a three-stage recovery programme.

By September 2026, the railway operator had returned 11 locomotives, 538 wagons and 32 passenger coaches to service.

Mangudya said improvements to railway infrastructure had also contributed to better operations, with derailments falling by 35 percent and annual freight volumes rising to 2.3 million tonnes.

Rehabilitation work is continuing along the Machipanda-Harare and Chicualacuala-Plumtree railway routes, while discussions are underway on Public-Private Partnerships and plans to develop the Rutenga Dry Port.

The Fund has also made progress in reviving the Cold Storage Company (CSC), whose refurbished facility can now process up to 320 cattle daily.

Mangudya said three butcheries were operational, 261 workers had returned to their jobs and the company’s market share had increased from two percent to nine percent.

Plans are also underway to bring nine refrigeration units in Harare and Kadoma back into operation.

In the manufacturing and mining sectors, MIF has invested more than US$13.6 million in Sable Chemical Industries and US$5.3 million in Dorowa Mine.

Mangudya said rehabilitation at Sable Chemical Industries had reached 97 percent, with production expected to resume before the end of the year.

At Dorowa Mine, basal fertiliser production has resumed, while annual output capacity has increased from 15,000 tonnes to between 80,000 and 100,000 tonnes.

The Fund is also supporting phosphate exploration activities in Shamva as part of efforts to strengthen local mineral production and fertiliser supply.