PRESS STATEMENT FOR IMMEDIATE RELEASE.
Pretoria –Sunday 1st October 2017
Government has allocated about 87million Kwacha to set up an infrastructure Fund.
Permanent secretary in the Ministry of Finance Mr Mukuli Chikuba said the Infrastructure fund will be used to finance projects with financing from the infrastructure bonds, development banks and private funds such as shares.
Mr Chikuba was speaking at the Zambia Mission in Pretoria South Africa When he paid a Courtesy call with his delegation on Zambia’s High Commissioner to that country his Excellency Mr Emmanuel Mwamba.
He said the introduction of the Fund in Zambia is important adding that financing projects such as roads and rails will be easily done without any challenges.
He added that during there meetings with the Development Bank of South Africa (DBSA)and the Industrial Development Cooperation (IDC), and Landbank, it was agreed that the South African government and Zambia would co-invest in the fund and advised how the infrastructure Fund could be operated.
The signing of Memorandum of Understanding(MOU) regarding the operationalization of the Cooperation are expected to be signed during the state visit of President Jacob Zuma in October 2017.
He Mentioned that projects to benefit from the fund will be appraised, for investors to express interest depending on the their area of interest.
Zambia’s High Commissioner to South Africa H:E Mr Emmanuel Mwamba said infrastructure development was key in every developing country as such the move was welcome .
He said the African union and SADC agenda of industrialization would only be realized when Infrastructure such as roads, rail, ports and airports were built.
He said about 70% of Zambia’s Foreign Direct Investment comes from South Africa adding that the bilateral relations between the two countries cannot be ignored.
The Zambian delegation was led by Ministry of Finance Permanent Secretary, accompanied by officials from the Ministry of Infrastructure and housing ,Zambia Railways ,Zambia Revenue Authority and Industrial Development Cooperation.
Mrs. Naomi Nyawali
First Secretary Press and Public Relations.
Zambia’s High Commission to South Africa.
Tell : +27(0)12326-1847/97
FAX : +27 (0)12326-2140