Zimbabwe has announced the establishment of a special purpose vehicle (SPV) – the Mosi Oa Tunya Development Company (Mosi) – to expedite investments into the resort town of Victoria Falls.

The new SPV, which is part of wider measures under the country’s new National Tourism Recovery and Growth Strategy, will be housed under the Tourism Ministry.

“Mosi Oa Tunya Development Company (Mosi) is a special purpose vehicle under the Ministry of Environment, Climate, Tourism and Hospitality Industry.

“It is a public investment vehicle for Government in the development of tourism in Victoria Falls,” reads part of the strategy.

“The company will spearhead tourism infrastructure development in Masuwe Estate in Victoria Falls in partnership with relevant Government Ministries and Agencies and private sector partnership.

“Work is underway to develop a comprehensive Area Development Plan for Victoria Falls to unlock investment potential in the Victoria Falls Special Economic Zone.”

Victoria Falls is one of the Seven Natural Wonders of the World and the major waterfall on the Zambezi River in Africa, and is famous for being the largest waterfall in the world, in the wet season.

Locals call the falls ‘Mosi-oa-Tunya’ which means “smoke that thunders”.

Government has also intimated plans to turn Victoria Falls into an international finance center (IFC).

And plans are afoot to set up the country’s first United States dollar denominated bourse in the resort town – the Victoria Falls Stock Exchange (VFEX).

Zimbabwe’s tourism has been on an upward trend in recent, but last year the numbers came in lower than expected.

Official figures show that tourist arrivals into Zimbabwe increased from 1.7 million in 2012 to 2.56 million in 2018, with an average growth rate of 6% per annum over the period.

Following that upward trajectory, tourism receipts grew from US$749 million to US$1, 386 billion.

But last year, tourist arrivals registered an 11% decline from 2,579,974 to 2,294,259 and tourism receipts also declined from US$1, 3 86 to US$1, 247 billion over the same period.