Mutapa Fund Injects US$56.3 Million to Revive Cold Storage Company
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The Mutapa Investment Fund (MIF) is set to inject US$56.3 million into the revival of the Cold Storage Company (CSC) after creditors approved a recovery plan this week.
Established to support struggling state-owned enterprises, the government-owned fund will roll out the first phase of funding with an initial US$9 million investment in 2025, followed by additional funding over the next three years.
According to corporate rescue expert Crispen Mwete, the funds will be directed towards settling CSC’s debts, upgrading infrastructure, restocking cattle, and resuming operations. “The shareholder, Mutapa Investment Fund, will invest a total of US$56.3 million over the next three years to settle the company’s debts, revitalise the infrastructure, restock cattle ranches, and resume viable operations,” reads part of Mwete’s report.
CSC, placed under corporate rescue in December 2020, faced numerous challenges, including legal disputes with British investor Boustead Beef (Private) Limited.
Boustead Beef, which had signed a Livestock Joint Farming Concession Agreement with the Zimbabwean government, failed to inject the agreed US$130 million, prompting the government to terminate the partnership in 2024.
Under the approved revival plan, MIF will prioritise settling debts, repairing the Bulawayo abattoir, and paying foreign creditors US$1.5 million within the next 90 days. Workers and local authorities, owed a combined US$3 million, are also expected to benefit.
Additionally, CSC will leverage climate-related funding through a carbon credits programme, having already secured a US$50 million facility.
This initiative aims to transform CSC into a modern, eco-friendly meat processor powered by renewable energy. The company is projected to emerge from receivership in August 2025, marking a significant milestone in Zimbabwe’s agricultural and economic recovery.
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