COST OF LIVING INCREASING 

By Daily News Reporter

The Basic Needs and Nutrition Basket (BNNB) in Lusaka has increased from K9,555.53 in January to K10,575.86 in July, marking an overall rise of K1,020.33. This reflects a clear upward trend in the cost of living. Similar trends were observed in other cities such as Solwezi and Ndola, where the BNNB saw significant increments, indicating a nationwide escalation in the cost of basic needs.

February witnessed a sharp rise, with Lusaka’s BNNB increasing to K10, 307.01 from K9, 555.53 in January. This increase of K751.48 highlights the volatility in prices. The highest monthly increase occurred between March and April, where most cities experienced an uptick in their BNNB figures. In Lusaka, the BNNB increased by K1, 048.87 within this period.

Solwezi showed substantial fluctuations, with the BNNB rising from K9, 176.26 in January to K10, 042.59 in July. Ndola also followed this pattern, with its BNNB increasing from K7, 892.78 in January to K9, 311.09 in July. On the lower end, cities like Mazabuka and Mpika displayed smaller increments but nonetheless followed the general trend of increasing costs.

The continued depreciation of the Zambian Kwacha, coupled with rising fuel costs and poor rainfall patterns, have exacerbated the situation. The increase in BNNB reflects not only the inflationary pressures but also the seasonal availability of certain food items, particularly as Zambia approached the dry season. The rising cost of staple foods like mealie meal, kapenta, and vegetables has had a detrimental effect on the living conditions of average and poor households, leading to food insecurity concerns.

And Jesuit Centre for Theological Reflection (JCTR) has urged the Government that they is need for targeted government interventions to stabilize and reduce the cost of essential goods. And also to improve food production and sustainability through diversification and better farming practices.

 The government need to clearly outline their strategy for addressing the high cost of living, with a particular focus on middle-income households burdened by tax obligations and rising expenses. This strategy should encompass both income-based and cost-based approaches.

And the implementation of employment creation programs to boost income levels, as well as measures to control and reduce the cost of essential goods and services.

“To improve food production and availability in the next farming season, we recommend intensifying the sensitization and financial support for the cultivation of a diverse range of crops beyond maize as well as intensifying winter food production initiatives. By implementing sustainable food systems, we can enhance food security, nutrition, and environmental care,” JCTR

 

 

 BANK OF ZAMBIA MAINTINS MONETARY POLICY RATE AT 13.5 PERCENT

Daily News Reporter

The Bank of Zambia has maintained the monetary policy rate at 13.5%. This decision took into account the effects of the drought, the successive increases in the policy rate, adjustments in the statutory reserve ratio, and recent reforms in the foreign exchange market.

This was at Bank of Zambia’s Monetary Policy Rate Announcement and Press Briefing made in Lusaka, Inflation rose to 14.6% in the second quarter of 2024, up from 13.5% in the first quarter. The main drivers of this increase were food and fuel prices.

And the depreciation of the Zambian Kwacha slowed to 3.8% in the second quarter, compared to a more significant 10.6% in the first quarter. The improvement was attributed to increased foreign exchange supply, particularly from the mining sector, and progress in the debt restructuring program.

For Zambia's foreign reserves now stand at $3.9 billion, equivalent to 4.3 months of import cover. This was largely driven by a disbursement of $569.9 million from the International Monetary Fund (IMF).

Lastly the economic activity remains weak, with businesses slowing down due to the impact of the drought.

 

 

 

 

 

 

 Africa CDC Declares Mpox A Public Health Emergency across the Continent

By Daily News Reporter

At least 13 African countries, including previously unaffected nations like Burundi, Kenya, Rwanda, and Uganda, have reported Mpox outbreaks

The Africa Centres for Disease Control and Prevention (Africa CDC) has officially declared the ongoing Mpox outbreak a Public Health Emergency of Continental Security (PHECS), marking the first such declaration by the agency since its inception in 2017.

This declaration, under Article 3, Paragraph F of the Africa CDC Statutes, empowers the organization to lead and coordinate responses to significant health emergencies. The statute mandates Africa CDC to “coordinate and support Member States in health emergency responses, particularly those declared PHECS or Public Health Emergency of International Concern (PHEIC), as well as health promotion and disease prevention through health systems strengthening, addressing communicable and non-communicable diseases, environmental health, and Neglected Tropical Diseases.”

The declaration will enable the mobilization of resources across affected countries, unlocking essential funding, strengthening Risk Communication and Community Engagement (RCCE), boosting surveillance and laboratory testing efforts, and enhancing human resource capacities to respond effectively to Mpox through a One Health approach.

Africa CDC Director General Dr. Jean Kaseya emphasized the urgency of swift and decisive action: “Today, we declare this PHECS to mobilize our institutions, our collective will, and our resources to act—swiftly and decisively. This empowers us to forge new partnerships, strengthen our health systems, educate our communities, and deliver life-saving interventions where they are needed most. There is no need for travel restrictions at this time.”

At least 13 African countries, including previously unaffected nations like Burundi, Kenya, Rwanda, and Uganda, have reported Mpox outbreaks. So far in 2024, these countries have confirmed 2,863 cases and 517 deaths, primarily in the Democratic Republic of the Congo (DRC). Suspected cases across the continent have surged past 17,000, a significant increase from 7,146 cases in 2022 and 14,957 cases in 2023. This is just the tip of the iceberg when we consider the many weaknesses in surveillance, laboratory testing and contact tracing.

Dr. Kaseya underscored the gravity of the situation stating “This is not just another challenge; it’s a crisis that demands our collective action. Article 3, Paragraph F of the Africa CDC Statutes mandates us to lead and coordinate the response when there is a declaration of a public health emergency of international concern.”

From May 2022 to July 2023, Mpox was declared a Public Health Emergency of International Concern (PHEIC) by the WHO. However, Africa did not receive the support it urgently needed during this period. As global cases began to decline, the escalating numbers in Africa were largely ignored.

Dr. Kaseya “We urge our international partners to seize this moment to act differently and collaborate closely with Africa CDC to provide the necessary support to our Member States.”

Urged “We call on you to stand with us in this critical hour. Africa has long been on the frontlines in the fight against infectious diseases, often with limited resources. The battle against Mpox demands a global response. We need your support, expertise, and solidarity. The world cannot afford to turn a blind eye to this crisis.”

He explained that the emergency declaration follows wide consultations, including a unanimous decision by the Africa CDC Emergency Consultative Group (ECG), chaired by Professor Salim Abdool Karim, head of CAPRISA, an AIDS research program based in Durban, South Africa.

Prof. Karim highlighted that limited surveillance and evidence suggest the situation could be more severe than currently understood.

“The number of cases has significantly increased compared to 2022 when WHO declared Mpox a public health emergency. It’s clear that we’re facing a different scenario with far more cases, resulting in a higher burden of illness,” he said.

He also raised concerns about the rising fatalities, particularly the potential link between HIV and Mpox. “Our concern is that we may be seeing more fatalities in Africa due to the association with HIV,” he noted.

Cross-border transmission to previously unaffected countries was also a concern, prompting the ECG to urge the strategic distribution of the limited vaccines available. The lack of diagnostic capabilities was identified as a critical issue requiring urgent attention, and the ECG encouraged the development of response plans, promising to provide input and support.

Mpox is a viral illness caused by the monkeypox virus, with two distinct clades: Clade I and Clade II. Common symptoms include a skin rash or mucosal lesions lasting 2–4 weeks, fever, headache, muscle aches, back pain, low energy, and swollen lymph nodes. The virus can be transmitted to humans through physical contact with an infectious person, contaminated materials, or infected animals.

 ZNBTS TO RECRUIT 250 VOLUNTARY BLOOD DONORS

 By Daily News Reporter

Zambia National Blood Transfusion Services plans to recruit over 250 voluntary Blood donors by 2026.

Zambia to join the rest of world to celebrate World Blood Donor day which falls on 15^th August 2024 and this year’s theme for World Blood Donor Day 2024 is "20 years of celebrating giving thank you blood donors." This theme emphasizes the ongoing need for regular blood donations to ensure a stable and sufficient supply for patients in need. It encourages people to not only donate blood but to make it a regular practice, highlighting the critical role of consistent and voluntary blood donation in saving lives.

Speaking to the media in Lusaka World Blood Donor Day Chairperson organizing Committee Dr. Usha Padmanabhan, stated that they is need for regular blood donations to ensure a stable and sufficient supply for patients in need.

Dr. Usha added that behind every pint of donated blood lies an incredible story, one of lives touched by the generosity of strangers. But every blood donation is more than a random act of kindness. It’s a connection forged between individuals, creating a culture of generosity and gratitude.

Celebrating 20 years of blood donation is a remarkable milestone, honoring the generosity and commitment of blood donors over two decades. This celebration recognizes the countless lives saved and the impact of consistent contributions by dedicated donors.

A "Thank You" to all blood donors is more than just words—it's a heartfelt acknowledgment of their role in sustaining healthcare systems and supporting patients in need. Their selfless act of giving has provided hope and healing to those facing critical medical conditions.

Dr. Usha said that the goal is to help everyone who needs blood have access to it. This is a big goal, and it realize it’s unattainable without the generosity of donors. There are countless people in need of this life-saving resource.

“As we mark 20 years of this life-saving tradition, it's also a call to inspire others to join in this vital cause, ensuring that the legacy of giving continues for years to come.” Usha Added.

The Zambia National Blood Transfusion Services (ZNBTS) has been mandated with the tasks of collection and storing of safe blood/blood products.

The Zambian Government, through the Ministry of Health Zambia has continued strengthening all systems leading to achievement of blood collection and retention of voluntary blood donors by engaging in vital education and recruitment of blood donors in all provinces across the country.

And Zambia National Blood Transfusion Service Director Dr. Joseph Mulenga said this is to attain the target of collection of 400,000 units annually.

Dr. Mulenga said blood is critical in the delivery of healthcare services and that there is an increase in demand for blood due to increased specialized needs.

Dr. Mulenga added that this year ZNBTS aims to recruit 250,000 blood donors and expected to attain 400, 000 safe blood units.

Meanwhile Sharmaine Byrne a Blood donor stated that “It feels pretty amazing going through everything that I’ve gone through and then being able to be on the other side of that and give blood to people who need it.”

She added, “You never know whose life you could help save.”

And a Blood receiver shared a story with daily News (Name Changed for Confidential) Grace “I just remember them bringing bag after bag after bag,” Her transfusions continued after being moved to the ICU. As scary as the whole experience was, Grace looks back and knows that she wouldn’t have survived without those transfusions.

“It’s been such a humbling experience to realize that the blood other people gave me saved my life.”

 

 PART 2

How the capital markets can support growth of Zambia's industry

By Daily News Reporter

Capital markets can play a crucial role in supporting the growth of Zambia's industry through various mechanisms and strategies. Let’s find out how, by providing Access to Capital this can be done through equity Financing, Companies can raise funds by issuing shares to the public through stock exchanges. This equity financing allows businesses to access substantial capital for expansion, research and development, and other growth initiatives.

(1)Debt Financing, Capital markets facilitate the issuance of bonds or other debt instruments. Companies can secure loans at potentially lower interest rates compared to traditional bank loans, enabling them to finance large projects and operations.

(2)Develop financial instruments or funds targeted at specific industries such as agriculture, manufacturing, or technology. These tailored financial products can attract investment into sectors critical for economic development.

(3)Capital markets can support PPPs by providing a platform for raising funds and facilitating collaborations between private investors and public entities.

(4) Enhancing Market Liquidity and Efficiency through a well-functioning capital market enhances liquidity, making it easier for companies to buy and sell securities. This liquidity can attract more investors and provide businesses with flexible funding options.

(5)Capital markets can also help in the efficient allocation of resources by directing funds to businesses and projects with the highest potential for growth and profitability.

(6)Facilitating Mergers and Acquisitions, Capital markets provide a platform for mergers and acquisitions, allowing companies to consolidate, diversify, or expand into new markets. M&A activity can lead to increased economies of scale, enhanced competitive positioning, and accelerated growth.

(7)Supporting Innovation and Entrepreneurship, Capital markets can support start-ups and emerging businesses through venture capital and private equity investments. These investments can provide essential funding for innovation and new business ventures.

(8)Successful start-ups can go public through Initial Public Offerings (IPOs), gaining access to larger pools of capital and increasing their visibility and growth potential.

(9)Improving Corporate Governance and Transparency and listing on a stock exchange requires adherence to strict corporate governance and disclosure standards. This can improve management practices, financial transparency, and accountability within companies.

(10)Enhanced governance and transparency build investor confidence, leading to increased investment and support for industrial growth.Capital markets attract institutional investors such as pension funds and insurance companies, which can provide long-term capital to businesses. Long-term investment can support sustainable growth and development.

(11)Retirement and Savings Products: Develop financial products tailored to individual investors, encouraging them to invest in industries and companies that contribute to economic growth. Promoting Regional and International Investment and a robust capital market can attract foreign investors looking for opportunities in Zambia’s industries. International investment can bring in additional capital, expertise, and technology.

(12)Capital markets can facilitate regional investment by providing access to cross-border financial products and services, promoting economic integration and industry growth within the region.

Conclusion

Capital markets support the growth of Zambia's industry by providing access to capital, encouraging investment, and enhancing liquidity, facilitating M&A activity, supporting innovation, and improving corporate governance. By developing and expanding the capital markets, Zambia can unlock significant opportunities for industrial growth, attract diverse investments, and drive sustainable economic development.

 Has Capital Markets affected by economic challenges in Zambia?

By daily News Reporter

Capital markets in Zambia have been significantly affected by economic challenges such as economic instability. Through this, it has a great impact on high inflation rates, currency depreciation, and macroeconomic instability, which can lead to reduced investor confidence. This instability often results in lower capital market activity and investment levels.

Also Debt Levels Zambia's high public debt levels can strain the economy, affecting market performance. Heavy debt burdens have led to higher interest rates, making borrowing more expensive and potentially deterring investment. Inflation Persistent inflation erodes purchasing power and can lead to increased uncertainty in financial markets. Investors may seek safer assets or withdraw from the market, impacting liquidity and stock prices.

Currency Volatility fluctuations in the Zambian kwacha can affect foreign investment flows and market stability. A volatile currency can deter international investors and impact the valuation of assets. Government policies have also impacted the Changes in fiscal and monetary policies can influence market conditions. For example, stringent monetary policies aimed at curbing inflation may impact borrowing costs and investment. Commodity Prices, Zambia's economy heavily relies on copper exports. Fluctuations in global copper prices can affect the country's economic health and, consequently, the performance of its capital markets. Market Sentiment, Economic challenges can negatively impact market sentiment, leading to lower stock market indices and reduced investor activity. Poor sentiment can result in decreased market liquidity and higher risk premiums.

Investment Climate, Economic difficulties can affect the overall investment climate. Investors may be cautious due to perceived risks, affecting capital market growth and development.

For the Securities and Exchange Commission (SEC) in Zambia it has taken several measures to address issues affecting capital markets. How has it done to mitigate the impact of economic challenges on capital markets 1 through Regulatory Reforms and Enhancements by Strengthening the regulatory framework to ensure that they is transparency, protect investors, and improve market efficiency.

Also through Market Surveillance and Enforcement by Maintaining market integrity and prevent fraudulent activities or market abuses. So they is need to implement stricter surveillance systems to monitor trading activities and enforce compliance with market rules. The SEC can take action against entities involved in unethical practices or violations. Investor Protection Initiatives by Safeguarding investors' interests and build confidence in the capital markets.

Market Development and Innovation SEC need to encourage market growth and introduce new financial products or services. Promote the development of new market segments, such as bond markets or small and medium-sized enterprise (SME) platforms, to diversify investment opportunities and enhance market liquidity. Collaboration with Other Financial Institutions, Foster a coordinated approach to addressing market challenges and improving financial stability.

Work with the Bank of Zambia, financial institutions, and other stakeholders to address systemic risks and implement joint strategies for market development. Policy Advocacy and Dialogue to Influence policy decisions that impact capital markets and advocate for reforms. Engage in dialogue with government officials and policymakers to advocate for policies that support market stability and growth, such as fiscal and monetary measures that enhance economic stability.

Examples of Specific Actions which need to be taken, The SEC may revise regulations to improve market transparency, such as enhancing reporting requirements or introducing stricter rules on insider trading.

Launch initiatives to educate investors about market risks and investment strategies, aiming to improve their ability to make informed decisions. Develop platforms or mechanisms to facilitate access to capital for SMEs or introduce new financial instruments to attract diverse investors.

Conclusion

The SEC's efforts to address issues affecting capital markets involve a combination of regulatory reforms, market surveillance, and investor protection, and market development, collaboration with other institutions, policy advocacy, and transparent communication. These measures aim to enhance market stability, investor confidence, and overall market performance amidst economic challenges.

 

 

 ZPPA WARNS NON-COMPLIANT PROCURING ENTITIES

By Daily News Reporter

THE Zambia Public Procurement Authority (ZPPA) launched the use of the Electronic Government Procurement (e-GP) system to reduce corruption and malpractice associated with the public procurement process.

Since the introduction of the E-GP system Zambia Public Procurement Authority (ZPPA) has observed with great concern the low usage of the Electronic Government Procurement (e-GP) System by most procuring entities (PEs) that have been trained and added to the e-GP system.

And according to section 16(1) of the Public Procurement Act No. 8 of 2020, it provides for mandatory usage of the e-GP System by all procuring entities for procurement activities.

 

Speaking to Daily News in Lusaka, Acting ZPPA Director General Justin Matimuna noted that all procuring entities that have met the requirements for usage of the e-GP System and have been trained and added to the e-GP System, are required to conduct their procurement processes on the System.

And ZPPA has directed all controlling officers and heads of procurement units to fully implement the e-GP system in line with section 16 of public procurement Act.

“We are monitoring the usage of the system by procuring entities and sanctions will be administered to those entities who will be found wanting in accordance with section 105(1) of the procurement Act,” Matimuna said.

However, most PEs that have been trained and added to the e-GP System have not been utilizing the system in their procurement activities contrary to section 16 of the Public Procurement Act.

In addition ZPPA in the second quarter of 2024 a total of 5,383 tenders from 414 procuring entities were published on the e-GP system and at the end of second quarter ZPPA registered 1,315 suppliers that brings the total of 80,403 suppliers on the system.

And failure to comply with any of the requirements of the Public Procurement Act No. 8 of 2020 is an offence in line with section 105 (2) (g) and that any person convicted of an offence under the said section is liable to the applicable administrative and legal sanctions.

The e-GP system is the use of Information and Communications Technology (ICT) in the procurement of goods, works, and consultancy and non-consultancy services in the public sector.

The aim of the e-GP system is to provide an electronic public procurement platform supporting end to end procurement processes and good governance in financial expenditure in public procurement.

Further the use of the e-GP enhances transparency, obtain value for money and achieve economy and efficiency. This means that all public institutions will be engaging suppliers in the acquisition of goods, works, consulting and non-consulting services required by the public sector on this internet based platform.

 

 

 

 

African Development Bank invests $20 million in infrastructure fund to catalyze continental development

Africa's infrastructure sector remains a significant investment opportunity, driven by substantial demand deficits and a scarcity of capital

 The African Development Bank (www.AfDB.org) has signed a $20 million equity investment in the African Infrastructure Investment Fund 4 (AIIF4). The deal, signed on 31 July 2024, reinforces the Bank’s commitment to fostering private sector development and boosting infrastructure across the continent.

The investment, approved by the Bank Group's Board of Directors on 19 June 2024, will be financed from the Bank's ordinary capital resources designated for private sector operations.

Africa's infrastructure sector remains a significant investment opportunity, driven by substantial demand deficits and a scarcity of capital. With rapid urbanization and increasing local purchasing power, the continent requires between $130 and $170 billion annually in infrastructure spending. However, there's currently a substantial yearly financing gap of $68 to $108 billion.

AIIF4, with a 13-year term and a 5-year investment period, has completed its first closing at circa $230 million, attracting international investors. To date, the Fund has raised more than the $500 million target, with the final close expected to be concluded in Q3 2024.

The Fund is projected to deliver significant development outcomes, particularly in private sector growth and household income improvement. The Bank assesses the likelihood of achieving these outcomes on time as "High." 

The investment also complements the Bank’s ‘High 5’ operational priorities, along with its Ten-Year Strategy (2024-2033) relating to accelerating and scaling up its operations. Additionally, the Fund pipeline aligns with the Private Sector Development Strategy (2021-2025), the Climate Change and Green Growth Framework, and the Strategy for Addressing Fragility and Building Resilience (2022-2026).

"By providing this scarce private equity investment to AIIM to bridge the infrastructure financing gap in Africa, the Bank is reinforcing its commitment and support to developing infrastructure in Africa to private sector participation. Therefore, our confidence in AIIM as a fund manager is renewed and strong, given its proven expertise and track record in driving impactful investments," said Mike Salawou, Director for Infrastructure, Cities and Urban Development at the African Development Bank.

The African Infrastructure Investment Managers have transacted an initial portfolio and identified a robust pipeline of investment opportunities in renewable energy, digital infrastructure, and ports and logistics assets in South Africa, Kenya, and Morocco. They are also actively screening deals in Egypt, Côte d’Ivoire and Senegal, among others.

The AIIF4 investment underscores the increasing role of private equity in addressing Africa's infrastructure needs and highlights the continent's potential for sustainable economic growth.

 

 

 

 BRRA SHARES ITS IMPORTANCE  

By Daily News Reporter

The Business Regulatory Review Agency (BRRA) Executive Director Mrs. Sharon Sichilongo has highlighted the importance of Business Regulatory Review Agency which is a statutory body under the Ministry of Commerce, Trade and Industry established in accordance with the Business Regulatory Act No. 3 of 2014.

Speaking to Daily News Reporter at a just ended 96^th Agricultural and Commercial Cooperative Society of Zambia under the theme “Creating a Competitive Future," Mrs. Sharon Sichilongo highlighted the importance of private sector collaboration in farming, industry and commerce.

She further stated that the mandate of BRRA is to ensure an efficient, cost-effective and accessible business licensing system.

To fulfil its mandate, the Agency reviews and approves proposed policies and laws that affect business activity to ensure they are legitimate and serve the intended regulatory purpose as well as coordinates development and implementation of appropriate Government-to-Business interventions in order to reduce the regulatory burden on business.

She also added that the importance of the portal as a means to gather input and feedback from the public, with a particular emphasis on the private sector.

The Notice and Comment portal serves as a platform for businesses, including Business Associations, to report on regulatory frameworks that may be burdensome to them or have been introduced without following the due process outlined in the Business Regulatory Act No. 3 of 2014.

“This initiative aims to ensure that the Agency remains vigilant to regulations impacting business activities and that proper procedures are followed in formulation of business regulations,” Sichilongo said.

Mrs. Sichilongo also emphasized the agency's commitment to timely reviewing feedback from the private sector and encouraged businesses to actively use the online portal to provide their input.

BRRA established the Notice and Comment portal to allow the private sector to actively participate in the formulation and implementation of regulations under various legislations.

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 ZCCM-IH PAYS DIVIDEND TO MOFNP

By Daily News Reporter

ZCCM Investments Holdings Plc (ZCCM-IH) has delivered a K41.6 million dividend cheque to the Ministry of Finance and National Planning, for the 2023 financial year. The Ministry holds a 17.4% stake ZCCM-IH on behalf of the Zambian government.   

Speaking during Cheque presentation to the Ministry of Finance and National planning in Lusaka, ZCCM-IH Chief Executive Officer, Dr Ndoba J.Vibetti stated that ZCCM-IH shareholders approved a total of K243 million for the 2023 and out of this k243 million, K146 million went to the IDC, K36.4 million to NAPSA, K41.6m to MoFNP and the balance of K18.3 million to minority shareholders who hold a 7.4% stake in ZCCM-IH. This follows a profit of K4.84 billion recorded at company level for the 2023. 

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He added that for almost a decade, ZCCM-IH has been consistent in paying dividends, and shareholders have received in total more than K1.6 billion.

And Minister of Finance Dr Situmbeko Musokotwane has commended ZCCM-IH for their effort and hard work in keeping the Company on a profitable path.

“We hope to see sustained growth in the Company and much bigger dividends to come in the future considering the bright prospects in the industry. Moving forward, we are hopeful to see ZCCM-IH’s increased participation in the mining sector in other strategic and critical minerals.” Musokotwane said.

He further urged State-Owned Enterprises that are facing profitability challenges to emulate the performance of ZCCM-IH by being more creative and working hard at turning around their institutions to sustained viability and profitability.

Government is commitment to continue providing a conducive environment for better performance of State-Owned Enterprises, through right policies.

For the past ten (10) years the ministry of finance has received K283 million from the Group.He added that for almost a decade, ZCCM-IH has been consistent in paying dividends, and shareholders have received in total more than K1.6 billion.

And Minister of Finance Dr Situmbeko Musokotwane has commended ZCCM-IH for their effort and hard work in keeping the Company on a profitable path.

“We hope to see sustained growth in the Company and much bigger dividends to come in the future considering the bright prospects in the industry. Moving forward, we are hopeful to see ZCCM-IH’s increased participation in the mining sector in other strategic and critical minerals.” Musokotwane said.

He further urged State-Owned Enterprises that are facing profitability challenges to emulate the performance of ZCCM-IH by being more creative and working hard at turning around their institutions to sustained viability and profitability.

Government is commitment to continue providing a conducive environment for better performance of State-Owned Enterprises, through right policies.

For the past ten (10) years the ministry of finance has received K283 million from the Group.

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 ADF GIVES ZAMBIA LOAN OF $13.2MILLION

By Daily News Reporter

More than 460,000 people will soon have access to improved water and sanitation due to a loan of $13.2 million from the African Development Fund

The project is being supported by the European Union, the Bank Group’s strategic partner, with a grant of $6.05 million through their Nexus Energy and Water Programme for Zambia

 The Board of Directors of the African Development Fund granted a loan of $13.2 million to Zambia in Abidjan on 17 July 2024 to implement innovative measures and improve access to drinking water, sanitation and hygiene for 460,000 people in Kabwe and Bauleni. The project also aims to strengthen the resilience of the beneficiary populations to the effects of climate change.

In addition to the funding from the African Development Bank Group’s concessional loans window, the project is being supported by the European Union, the Bank Group’s strategic partner, with a grant of $6.05 million through their Nexus Energy and Water Programme for Zambia, a transformative initiative under the European Union's Global Gateway strategy.

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“The project aims to improve access to better-quality water and sanitation services in the town of Kabwe (in central Zambia) and Bauleni (a district of Lusaka city) and increase the operational and financial efficiency of water and sanitation providers in Lukanga (Centre) and the capital, Lusaka,” explained Raubil Durowoju, the head of the African Development Bank Group’s Country Office in Zambia.

Among other things, the project plans to rehabilitate the Mulungushi water purification plant in Kabwe (abstraction of water from the river, pipework for untreated water, replacement of obsolete treatment and pumping equipment) to relaunch production of 37,500 cubic meters of drinking water per day. It also plans to improve water transport and distribution pipe networks, with an extension of over 70 km, and to build and equip five boreholes in the catchment areas of Kalulu (in the south-west) and Mukobeko (Centre) in Kabwe town. The project will use renewable energy technologies and introduce innovative measures, such as smart meters, to reduce operating costs through the installation of energy efficiency equipment in the water production and supply system.

It will collaborate with partners such as the United Nations Children’s Fund (UNICEF) to strengthen the provision of water, sanitation and hygiene services and also raise awareness around integrated nutrition and hygiene services, climate resilience, waste and water management among at least 10,000 people.

The African Development Bank’s long history in the water sector in Zambia makes the institution a unique partner in supporting the Zambian government’s implementation of the project. The Bank has supported Zambia’s water sector since the late 1970s. Its first intervention, in 1979, was a water and sanitation project in five provincial centres that aimed to improve services in the towns of Choma, Kalomo, Livingstone and Monze in the south of the country. Since then, the Bank has supported a total of 14 projects to improve the long-term security of water supply and sanitation services in Zambia. (Copyrights Reserved)