Government has approved a proposal by Zambezi Crescent to buy out the Zimbabwe Parks and Wildlife Management Authority’s 50 percent stake in the Zambezi Joint Venture, clearing the way for a new ownership structure in the development and operation of Malachite Camp in Victoria Falls.
According to the post-Cabinet briefing by Minister Jenfan Muswere, the buy-out will allow Zambezi Crescent to inject additional capital into the project while consolidating strategic control and improving operational efficiency.
Cabinet said the transaction is expected to “unlock more capital injection by Zambezi Crescent, strengthen its strategic control, and improve operational efficiency in the management of the venture.”
For ZIMPARKS, Government said the deal marks a strategic shift away from direct equity participation towards a model that prioritises domestic tourism development and revenue certainty.
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“The Buy-out Plan will enhance ZIMPARKS’ strategic realignment towards domestic tourism,” Cabinet said.
The move also addresses financial constraints that had limited ZIMPARKS’ ability to fully participate in the joint venture. Cabinet noted that the authority had been “facing challenges in meeting its 50% obligation for capital commitment,” a situation that placed pressure on its budget and core conservation mandate.
Under the approved arrangement, ZIMPARKS will exit the equity structure but retain full ownership of the land on which Malachite Camp is located. Government said the authority will be “guaranteed revenue certainty in annual lease fees, while retaining 100% legal ownership of the land asset,” ensuring a predictable income stream without exposure to operational risks.
The transaction reflects the State’s strategic leverage, seeking to optimise returns from tourism assets while reducing fiscal and capital burdens on public institutions. By shifting from joint ownership to a lease-based model, ZIMPARKS is expected to free up resources for conservation, park management, and the promotion of domestic tourism.
Victoria Falls remains one of Zimbabwe’s flagship tourism destinations, while the revised ownership structure at Malachite Camp is expected to support further investment, enhance service delivery, and strengthen the destination’s competitiveness, while safeguarding State ownership of strategic natural assets.
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