News

Economy and Trade, September 2010

Politics, September 2010

President Banda Addresses Parliament

On 18th September 2009, His Excellency Mr. Rupiah B. Banda, President of the Republic of Zambia opened the the fourth session of the 10th National Assembly. Click here to read the speech.

Business news, July-September 2009

Chimfule Lodge for Sale

Information on the National Constitution Conference Process

The Secretariat of the National Constitution Conference has continually reiterated its intention to ensure that information pertaining to the activities of the NCC deliberations is available to the public. Presently the debates are broadcast on the national radio and television stations. The NCC is soon expected to wind up its work and its draft constitution will be released for public scrutiny for the next sixty (60) days.

In order to ensure wider public access the Secretariat has opened a website www.ncczambia.org. Zambians abroad are encouraged to utilize this website which is accessible to them.

Ndola Lime to launch $30m kiln

NDOLA Lime Company has said the installation of a vertical kiln worth US $ 30 million that will be producing 500 metric tonnes of limestone per day is on course and will be launched next year.

Head of production Joseph Chishimba said the new kiln would be energy efficient and environmental friendly. Chishimba said some of the kiln’s features would include dust abatement equipment and blending can crushing plants.He said the increase in mining activities was having a positive impact on all sectors of the economy.

Chishimba said the company was earmarked for privatization but government abandoned the idea following the expansion of mining activities that included opening up of new mines. The current markets for Ndola Lime include Zambia Sugar, all mining companies, Burundi, Malawi, Tanzania DR Congo and Zimbabwe, and plans are underway to penetrate markets in Angola, Mozambique, Mauritius, among other export markets. Ndola Lime is 100 per cent owned by ZCCM Investment Holdings and last year the board approved a US $74 million recapitalization programme that would take two years to complete. It is expected that the installation of the new equipment would help the company address the supply side constraints and enable it to adequately supply the export market.

Zambia National Commercial Bank (Zanaco) Records 40% Revenue Growth

According to the Managing Director (MD), Mr. Mark Wiessing, Zanaco recorded a 40% growth in revenue in the first six months of the current year. The MD attributed the remarkable improvement in its revenue base to the transformations that the bank underwent since Rabo Bank management took over. The bank is growing very fast. Rabo Bank, a Dutch Bank, now owns 49% shares in the bank. He made the announcement on 21^st July 2008 during the launch of the new corporate brand.Zanaco is scheduled to launch Zambia´s first mobile banking product during this year´s Zambia Agricultural and Commercial Show. This service will be more than the current e-tracer facility that enables clients to check their account balances using short message service (SMS). Mobile banking will allow clients to conduct transactions like account opening, payment of bills, purchase of airtime and making third party transactions through the mobile phone.

The MD also said that Zanaco has achieved a lot since the privatization including the launch of its Visa Electron debit card and increase ATMs from 35 to 58 in Zambia and was expecting to add 42 more by the end of the year. The bank has introduced other products such as the Munda Scheme aimed at supporting peasant and small-scale farmers, and it initiated a programme with the International Finance Cooperation (IFC) on the provision of agricultural finance to emerging indigenous farmers in line with the objectives of the Citizens Economic Empowerment Act. According to the MD, the bank disbursed over 16, 000 new loans to individuals in Zambia through its variety of credit schemes during this period.

The bank is committed to opening rural branches. The bank recently announced that it had successfully concluded negotiations with development finance institution, FMO of the Netherlands, for a total of US$ 35 million credit facility for on-ward lending to its various customers. The funds, which include a $ 25 million senior debt facility and $ 10 million subordinated debt facility, would be channeled to credit finance in different productive sectors of the economy.

Embassy of the Republic of Zambia

News

President Banda Addresses Parliament

Ndola Lime to launch $30m kiln

Zambia National Commercial Bank (Zanaco) Records 40% Revenue Growth