Harare — CABINET has approved the draft National Indigenisation and Empowerment Bill, which seeks to ensure that 51 percent of the economy is controlled by indigenous Zimbabweans, and will now be presented to Parliament.

The Bill provides for various measures that accelerate the implementation of the indigenisation and empowerment agenda.

The Minister of State for Indigenisation and Empowerment Cde Munyaradzi Paul Mangwana revealed this when he received $400 million on behalf on the National Investment Trust for onward lending to indigenous entrepreneurs yesterday.

"It is with much pleasure that I take this opportunity to announce the approval by Cabinet of the National Indigenisation and Empowerment Bill.

"This means now the Bill can be tabled in Parliament for consideration," said Cde Mangwana.

The Bill was approved at Tuesday's Cabinet meeting.

He said the Bill provides measures that the Government would use for promoting further indigenisation of the economy and empowerment of people and achieve at least 51 percent indigenous shareholding in the economy.

The Bill would also see the establishment of a National Indigenisation and Empowerment Fund and the creation of a National Indigenisation and Empowerment Board and the National Investment Trust of Zimbabwe.

Cde Mangwana said the Bill would also provide for the National Indigenisation and Empowerment Charter that would ensure ethical business conduct.

He said the charter would fight against overpricing and provide for the withdrawal of funds to businesses flouting price regulations.

Cde Mangwana said the NIT is working hard to transform and turnaround Zimbabwe's economy.

"Government created the NIT as a vehicle to drive the indigenisation and empowerment programmes of Government.

"The overall objective of these programmes is to enable black indigenous Zimbabweans to be in control of the economy," he said.