Zimbabwe stands to benefit from a $5.2 billion foreign direct investment following the signing of a memorandum of understanding (MOU) on liquid fuels between Verify Engineering Private Limited, an agent of the Ministry of Higher and Tertiary Education, Science and Technology Development and Nkosikona Holdings of South Africa.

The agreement involves the beneficiation of coal for the production of liquid fuels, chemicals and fertilisers among other products.

It also involves coal production and setting up of the beneficiation plant.

The signing  ceremony was witnessed by President Emmerson Mnangagwa, Minister of Higher and Tertiary Education, Science and Technology Development Professor Amon Murwira whose ministry owns Verify Engineering Company, Energy and Power Development Minister Ambassador Simon Khaya Moyo, Chief Secretary to the President and Cabinet Dr Misheck Sibanda, Permanent Secretary Dr Desire Sibanda and the Chief Executive Officer of Nkosikhona Holdings Jaco Immink and Engineer Pedzisai Tapfumaneyi of Verify Engineering.

The MOU is a follow up of the Higher and Tertiary Institutions Conference held in the country in March this year where the President implored institutions of higher learning to be innovative and use their knowledge to develop industry.

The venture will see production capacity of 8 million litres of fuels per day which will go a long way in meeting the country’s fuel needs and many other products which are currently ballooning the import bill.

Speaking at the occasion, President Mnangagwa appreciated the coming on board of the South African company and response to his call for public private partnerships in the universities and higher education institutions saying the venture will contribute immensely towards growing the economy.

The coal mining part of the project is expected to start next month while production is expected later in the year around September.