Zimbabwe loses investments worth $3 billion because of bureaucracy and corruption
13 Oct 2016

The Zimbabwe Investment Authority (ZIA) says the country lost potential investments worth nearly $3 billion in 2015 as a result of bureaucracy and corruption.

The multimillion agreement with the Essar to revive the Zimbabwe Iron and Steelworks (Ziscosteel) was killed by corrupt elements in government, according to ZIA chairman Nigel Chanakira.

Corruption has become endemic, and the country is losing at least $1 billion annually to the vice, with police and local government officials among the worst offenders, according to a recent report by watchdog Transparency International.

The southern African nation approved $3.2 billion investments in 2015 but only investments worth $432 million came into being, largely due to inefficiencies and sleaze, said the ZIA chairman.

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