Zimbabwe Joint Ventures Act gazetted
12 Feb 2016
The new Joint Ventures Act (JVA) (Chapter 22: 22, No 6/2015) defines a joint venture as a business agreement in which the parties agree to develop, for a finite term, a new entity and new assets by combining equity. It includes the following categories of joint ventures: build and transfer (BT); build, lease and transfer (BLT); build, own and operate (BOO); build, own, operate and transfer (BOOT); build, transfer and operate (BTO); contract, add and operate (CAO); and develop, operate and transfer (DOT).
It aims at providing for the implementation of joint venture agreements; establishing governing rules for the public-private procurement process; establishing governing rules for public-private partnerships (PPPs); and supporting major investments across all sectors, especially in power generation plants, power transmission and distribution networks, roads, bridges, inland ports and harbours, inland container depots, logistic hubs, and gas and petroleum infrastructure.
Pursuant to the recommendation of a joint venture committee established under the JVA, approval of joint venture agreements is a preserve of the Cabinet.
The Act was gazetted on 12 February 2016. It will come into operation on a date to be proclaimed by the President in a Statutory Instrument.
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Entry and establishment (Approval and admission)
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