Published: 13 November 2013

Fidelity Life Assurance of Zimbabwe together with its South Sudan partner will invest a combined $600 000 into its joint venture in that country after getting the nod to proceed with the deal from the Reserve Bank of Zimbabwe and the Insurance and Pensions Commission (IPEC).

The deal between Fidelity and the National Insurance Company of South Sudan was signed in July this year after the latter had expressed their desire to partner Fidelity as they seek to tap into long term insurance.

Fidelity Life managing director Mr Simon Chapereka said the money will be made available soon while officials from Fidelity are already in South Sudan.

"I can confirm that the deal we signed with the National Insurance of South Sudan is now ready to take shape after we got clearance from both the Reserve Bank and IPEC. "Our team is already in that country and both parties will avail a combined $600 000 towards the venture while the money will be used as working capital for the day to day running of the company," he said.

Earlier this year, Mr Chapereka said Fidelity's initial investment into the company would be targeted at IT infrastructure, motor vehicles and the human resource aspect of the operations while he also said the partnership will be on a 50-50 basis.
- herald

You might also want to read this

• RBZ suspends 30-day forex liquidation requirement
• RBZ maintains 50% USD retention for tobacco farmers
• AMG boss proposes gold-backed Zimbabwe currency to RBZ
• Money Supply (M3) rises to $17.1 billion in July 2019
• 'Banks should focus on savings deposits'
• RBZ integrity called into question
• RBZ floats $300m additional TBs
• RBZ develpps cold feet, brings back cash-in, cash-out
• RBZ clamps down on illegal cash deals
• Strive Masiyiwa lashes RBZ