The government has struck a US$130 million agreement with a foreign investor towards the recapitalisation of the Cold Storage Company (CSC) while plans are on course to sell its 49 percent shareholding in ZUPCO to revive operations.

This was revealed by the Minister of Finance and Economic Development, Professor Mthuli Ncube at a post cabinet briefing in Harare this evening.

Under the rehabilitate, operate and transfer (ROT) agreement, Boulstead Beef Limited is expected to raise funds for CSC over a period of five years with the investment being anticipated to restore confidence within the  country’s  livestock sector.

“We have done our best and the deal is coming at the right time where we seek to increase viability of the CSC,” Minister Ncube said.

The Minister also revealed the cabinet’s resolution to sell the government’s shares in the Zimbabwe United Passengers Company (ZUPCO) with a view of increasing the parastatal’s operations and easing challenges in the urban public transport.

The Minister of Information, Publicity and Broadcasting Services, Cde Monica Mutsvangwa also confirmed the cabinet’s approval of the Freedom of Information Bill which enshrines the right of access to information by Zimbabweans.

She said the bill seeks to provide the right of access to information held by public and private entities when required in the interests of public accountability.

The Minister of Justice, Legal and Parliamentary Affairs, Cde Ziyambi Ziyambi said the bill is an indication of reforms being made by the government.

Minister Mutsvangwa also gave a progress update on the recovery efforts in Cyclone Idai hit areas, the principles of the Broadcasting Services and Amendment Bill as well as the public enterprises reforms.