The Zimbabwe National Parks and Wildlife Authority (ZimParks) is set to be restructured, with its commercial assets division being separated from other operations to unlock potential and attract investors.
As part of the process, the entity will get an equivalent of US$11,9 million for capitalisation, while its $21,5 million debt will be restructured.
This was resolved by Cabinet on Tuesday.
Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa told journalists during a post-Cabinet briefing that the turnaround strategy primarily targeted to address the management and operational challenges at ZimParks.
"Cabinet considered a proposal by the Minister of Finance and Economic Development (Professor Mthuli Ncube) on reforms for the Zimbabwe Parks and Wildlife Management Authority (ZimParks)," said Minister Mutsvangwa.
The proposed ZimParks turnaround strategy principally seeks to address the prevailing state of poor corporate governance, operational ineffectiveness and the sub-optimal utilisation of the resources under ZimParks.
Minister Mutsvangwa said Cabinet resolved that the commercial division be hived off to a special purpose vehicle to unlock the value in the commercial assets owned by ZimParks through joint venture arrangements with private sector partners.
Cabinet also resolved that an initial capital investment equivalent to US$11,9 million be injected towards the acquisition of modern anti-poaching equipment, support equipment, operational vehicles, support for national parks management activities and maintenance of infrastructure.
Further, the $21,5 million debt owed by ZimParks will be restructured to allow it more time to pay it off, while the necessary legislative review should be undertaken to, among others, ensure the balance between the need to guarantee wildlife protection and to provide for other competing land uses.