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Zambia Sovereign Wealth Fund (proposed)

Zambia · Africa · Proposed or pipeline fund · Not an IFSWF member

AnnouncedReport a correction
Focus

proposed: what it invests in

Healthcare and life sciencesAgriculture and food securityEnergy: oil and gasInfrastructure and utilitiesEducation

Geography Mainly domestic

Scale

proposed: how big it is, and on what basis

No assets
Announced target, not current assetsAs of
Transparency

proposed: what it publishes

0.0 of 10 Band 1 of 5

Published 0 · Partly 0 · Not published 10

Our 10 item score. It measures what is public, not how well a fund is run.

StatusS1
Announced
As of
AnnouncedS1
October 2024
As of
Main fundingS1
Mining revenue
As of
Licensing upsideS1
Up to USD 1B
As of

At a glance. Zambia's sovereign wealth fund was announced by the state-owned Industrial Development Corporation in October 2024, with a launch then planned for 2025. It would back public finances in hard times and invest long term in health, education, farming, energy and infrastructure, funded mainly by mining revenue. It has not been launched and holds no assets. S1

Key points

  • Announced by the Industrial Development Corporation in October 2024. S1
  • A 2025 launch was planned; no fund has been set up yet. S1
  • Funding would come mainly from mining, plus IDC portfolio dividends. S1
  • Better mineral licensing could yield up to USD 1 billion for the fund. S1
  • A separate state mining vehicle, ZMIC, is also being created. S3 S4

Interesting facts

  • Zambian finance officials studied Ghana's minerals fund in July 2026. S4
  • ZMIC is planned to be 100 percent Zambian owned. S3
  • Target sectors include health and education as well as energy. S1

Mandate and goals

Support public finances during financial stress, invest surplus resource revenue for stability and make long-term investments in strategic sectors. S1

  • Cushion the budget in difficult periods. S1
  • Invest in health, education, farming, energy and infrastructure. S1
  • Preserve stability from resource revenue. S1
  • Spending rule: Not yet set S1

How it invests

IndustriesHealthcare and life sciences, Agriculture and food security, Energy: oil and gas, Infrastructure and utilities, Education S1
Asset classesNot published S1
StagesNot published S1
GeographyMainly domestic. Strategic domestic sectors S1
Direct / through funds / co-investYes / No / No S1
Ticket sizeNo ticket size yet. S1
External managersNot decided S1
Co-investment programmeNone announced S1

Published criteria

  • Long-term investment in strategic sectors. S1

Past investments

The fund has not published a list of investments.

Investment process

Not yet defined; the IDC and the Ministry of Finance and National Planning are involved in planning. S1 S4

  1. Government studies peer funds such as Ghana's. S4
  2. Structure and funding to be set before launch. S1

How to approach: No contact route until the fund is set up. S1

Size and returns

  • Headline size: No assets (Announced target, not current assets, as of 2024-10-04) S1
  • Potential from mineral licensing reform: Up to USD 1B (Published estimate, as of 2024-10-04) S1
  • Returns: the fund does not publish a return figure.

Leadership

NameTitle
Mwaka MukubesaPermanent Secretary, Budget, Ministry of Finance and National Planning S4
Paul KabusweMinister of Mines and Minerals Development (on ZMIC) S3

Governance and transparency

  • Legal basis: None yet S1
  • Oversight: Industrial Development Corporation and Ministry of Finance and National Planning during planning S1 S4
  • Cabinet approved ZMIC as a separate mining vehicle in July 2024. S3

Transparency score: 0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

  • Not published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S4

History

DateEvent
2024-07Cabinet resolves to create ZMIC. S3
2024-10-04IDC announces sovereign fund plans. S1
2026-07Finance ministry team visits Ghana's minerals fund. S4

For family offices

Not yet investing. If launched, it would target domestic strategic sectors, where partners in energy, farming and infrastructure may find openings. S1

Common questions

Does the fund exist?

No. It was announced in 2024 and has not been launched. S1

Who announced it?

The state-owned Industrial Development Corporation. S1

Is it the same as ZMIC?

No. ZMIC is a separate state vehicle for mining interests. S4 S3

All sovereign wealth funds in Africa · All proposed or pipeline funds · All funds in Zambia

Sources

  1. S1African Business, Zambia unveils sovereign wealth fund plans
  2. S2IFSWF, members list
  3. S3Diggers News, ZMIC will be 100 percent Zambian owned
  4. S4Ghana News Agency, MIIF sovereign investment approach attracts Zambia

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

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