The short-wave station, the fifth to be run by the state, will go on air before April 18 when the country commemorates its 27th independence anniversary, according to the agency and the country's Daily Herald newspaper.
Iran has already funded the upgrading of studios in the capital, the new station will cost $39.6m.
In the face of growing criticism of his human-rights record, Mugabe has in recent years increasingly turned to other countries, including Iran, for help.