President, Rupiah Banda, today held a closed door meeting with a delegation from the International Finance Corporation, a World Bank Group, at State House.
The meeting was also attended by World Bank country representative Kapil Kapor, Finance and National Planning Minister, Situmbeko Musokwane, and Presidential Affairs Minister, Gabriel Namulambe.
The closed door meeting, which lasted about half an hour, was called to discuss ways that IFC could employ in working with government to make the Zambian business environment more attractive to investors.
IFC Executive Vice President and Chief Executive Officer, Lars Thunell, said the IFC delegation is in the country to discuss possibilities for World Bank support to the Zambian economy.He described as fruitful the private discussions held with President Banda and Finance and National Planning Minister, Situmbeko Musokotwane.
Mr Thunell disclosed that IFC was very much likely to expand its presence in Zambia especially in the mining and agriculture sector.
He, further, stated that IFC was discussing with government on effective strategies of making the business environment more attractive.
And Finance Minister, Situmbeko Musokotwane, said government would continue working with IFC in order to attract more foreign investment in the economy.
Mr Musokotwane said government is determined to promote both local and foreign investment to spur national economic growth.
IFC is one of the wings of the World Bank whose focus is to promote private sector investments in any given economy.
It also provides advice to certain sectors of the economy.
President Banda also held another closed door meeting with a group of investors from Korea.
The Korean investors are in the country to explore investment opportunities in various sectors of the economy.
Korea Youth Entrepreneur Association Chairman, Jang Jae Wan, is leading the delegation.The International Finance Corporation, IFC, of the World Bank has indicated that it would expand its presence in Zambia and help government grow the economy.
Oooops!!!
i did it again
Its not helping Zambia, but worldbank benefiting from giving Zambia loans which will be payed back with profit. Zambia is a customer which WB is benefiting from. Please work up self imposed president.
Wat time do you sleep guys
#4. Nice question. We don’t! Ful stop
Chang ming dong ting lieng. kyu hei chi xie xie levy mwanawasa
Some of guys you dont even sleep. Mwachi lapembela fye topic iya new. Can you sleep now tommorow you have to go for work shaa!
Anonymous,Maestro is not around i new that you are stil awake.Go and sleep now!
Investors!………….we require them very much,but lets screen them b4 entering in2 agreements wit dem.#6 you are a Joker,switch on,its Lsk tymz not Shangai tymz.
Our goverment should also strive hard to promote local investment. I believe we have local investors who can contribute significantly to the growth of our economy.
World Bank and IMF are plunderers and not to be trusted. They give Loans where you do not recieve the actual money, but a service which they Bill you to pay without justification. Our Country went into debt because of these tricks employed by the vultures in the name of IMF & World Bank! And I don’t know why some people(Govt) can not read between the Lines?
This simply shows how sleepy and incompetent the Zambian Govt is!
when are we going to wake up to the reality that Zambia will only be developed by zambians? Do we really think someone will come from America or wherever just to develop zambia? Lets get serious.
Geologist you hit the mark!
Chewe last time you said you were going to stop blogging. You changed your mind ?
#14 Undertaker, its addictive.And most of us here i can tell that we are barchelors. So all we can do when we get home after work is to start blogging.
I thought this chap RB was being groomed by Kaunda in UNIP, but it seems he was always sleeping when the big Man was trying to Build Manufacturing Industries so that Zambia could develop, of which resources were plundered in the FTJ regime!
Why can’t these chaps go to Venezuela and see for themselves why World Bank & IMF can not be trusted? What Finance have these people really done? They do not even have international negotiators to handle big bargains for the Country! Minister of Finance is not enough to face these ruthless IFC chaps!
Hold your fire guys. Don’t talk much, let just us wait and see. Soon time will come when to talk. This is just the begining.
How many of you guys on the blog are doing social sciences, marketing, negotiation skills were ever you are? We need to have trained Negotiators who can give us good deals & not corrupt chaps to handle affairs of that magnitude! INTERNATIONAL NEGOTIATORS!
we can’t afford to wait iwe zayelo. We have waited the past God knows how many years and look what has become of Zambia?
Watching France 24. I think Zimbabweans should adopt the courage of the people of Thailand they have managed to achieve change through public demostrations
Undertaker how do youexpect us to sleep when you and chewe have not commented on any topic today.we got worried coz we thought that you are one of the Zedian who were affected/stranded in thailand at the airport.now that you guys are safe we can go and sleep with our free minds.
#17.your flag Zayelo
Time for real Action is NOW! You can’t wait & see thing like that happen! There’s nothing Good from World Bank. Here is a case story of Botswana! Botswana wanted to bulid a dam for water as the country is mostly desert. They had money in the reserve Bank & all they wanted was a well renowned contract to do the Job as they were being advised by World Bank. World Bank refused that, & wanted Botswana to get a LOAN from them, payable in 10 yrs with interests, & work was to be done by World Bank picked contractor, which they refused as they had the money! This is exploitation, & you do not have to wait on such matters or else Zambia will be SOLD!
We do appreciate foreign investment,looking at our economy we stil have a long way to go.It wil take decades for our economy to be compared to countries like Southafrica and others.Hence the need for us to promote both foreign and local investment.It must be stated here that it is sad that our own people are mistreated by investors.The labour laws are weak,they serve the interests of an investor from China.Bilions of our money are transfered to their countries leaving this country with nothng,after making huge profits.So RB dont treat these investors like eggs.Zambians should be happy in their own country.Not paying them K150,000.what can a person do with K150,000? By the way be carefull with Nigerian investors.
#19.your flag cilombe
Hi neighbour! You are thinking in the right direction!
same old story over and over again World bank, IMF next Privatisation again all for the benefit of the capitalists. If the copper prices are falling, why are they interested in mining????
Tell you want, I believe there comes a time when any man worth the name should take charge of his own household, no matter how poor he is. It is said that a boy remains a boy till there is need for a man! As long as we continue thinking some chap from wanderland will come and develop zambia we will remain boys, refusing to grow! Time we got a life!
Matworld people of Thailand have impressed me. Africans should adopt such a zeal to achieve change
Why cant the people of Zimbabwe rise and kick that old man out of power.He has chased the white farmers who greatly contributed to the growth of the economy in Zimbabwe.people are Suffering there,Can this man leave power plz.
#27 Iam also impressed with their boldness,unfortunately in africa we can’t do that.In zimbabwe soldiers were threatening innocent souls instead of dealing with the greedy mugabe who has not paid them.Too bad pa Africa and yet we have been blessed with plenty of natural resources.
I strongly agree with the bloggers who are of the view that our country needs to develop thru local solutions and investors. Kaunda tried by all means to make Zambia develop thru such a path. But foreign forces,thru Chiluba, ensured that Kaunda’s dream was not achieved.
Sweetdreamz guys
Shall we all sleep now.
Yes Chewe,I think Zimbabweans are the most docile africans
No come on Guys not the World Bank again, we ve been thru that path before! RB wake Up! in the midst of the world financial crisis, Commodity price volatility e.t.c world bank loans are the last thing we need for our economy.
Ladies and gentlemen, the path RB is apparently leading us to is seriously worrying. We have delt with the World Bank and IMF did they do us any good. After independence and way into the 70s Zambia was a medium income country.We used to match up with South Korea China was behind us. Along the way we delt with the WB and IMF what was the result. They also advised FTJ about Privatisation.Today some circles are considerring Nationalising the National Milling. And today this Man,RB, is going back to IMF and WB and to make matters worse i find it insane to seek advice from Nigeria on Financial management.This a well known corrupt Country. If he wants to learn how to steal FTJ is there.
We are facing the perils of voting in a President who had no agenda for the country when he decided to stand for presidency. No Manifesto whatsoever. And he’s leading us. Remember that prior to elections he halt the much debated increment of allowances proposed by the Cabinet under him.He was apparently today just barely a dilly dally. He reduced the Price of Fertilisers who is paying for the deficit.What is the result today. These are shameless,insensitive,careless and irresponsible leaders. These are cheap politics at their best. I’m worried. seriously. I mean much as we feared Michael Sata but this one is proving to be a Chicken.
Is that bulding on the photo In Zambia?
Also, is it North or south Korea you are talking about here?
Isn’t it time for GRZ to turn things around and ask them to allow Zambians to invest in their countries as well?
Ba LT, I am not in Canada.
Wenye wanu!
No.38…….wenye wao chedi.
Roughly 1064 days to go before the 2011. Electronic count down.
Please provide an electronic countdown.
First it was Nigerian Investors , then now it is the World Bank , one wonders what will be next. God save and deliver our country.
# 41 are you not ashamed to call name anything “New Zambia”? Someone should change name of that country. I wish the Balotseland issue to resume, I will relocate from your Zambia.
Morning guys. Have a wonderful day
Zambia will continue to be the among the worst investment destination in the world because of High Investment Premium Risk.Its a joke to say Zambia is attracting FDIs when you consider the small volumes of investments in comparison to other developing countries.As long as the Premium Risk continue to be high ,it will always be very risk but profitable to invest in Zambia.
Shetani Ali Pano (SAP) is just around the corner. How many times people in govt are going to learn about IMF and World bank tricks.
RB was in UNIP govt and now is the President has he not learnt something? The loan they are going to get will be paid by those who many not even benefit from the loan itself. Politicians are enjoying the salary increment whilst the people who voted for them are living in absolute poverty. Villagers need more education from the civil societies to know what elections mean to them and as a nation. Fertiliser K50.000 from K250.000 well who is going to pay? God knows
It is time to learn from cheap politics. Zambia is in total mess.
Zambia will only be developed by zambians. Not these clauns you are busy meeting Mr president. Meet zambian busniessmen more and get to know what their problems really are. When they make their money, they will surely reinvestment in their mother land (zambia) Their is too much pull him down (PHD)thinking in the goverment towards local business people and you need to clean that up. ma PS and some Ministers are busy fighting and trying frusrate local business people. Look into it.
Undertaker,i want to challenge you early in the morning.I have just bought the post newspaper and i have seen my president Sata smiling to the fullest with Saviour Chishimba!
#10.UNDERTAKER…..You are very right. Locals should be given the fisrt chance in this situation. Have you people ever head that the prisendent had a closed door meeting with local businessmen? They are busy closing doors with outsiders. Whats wrong with these people rulling us? We have local people who have done so well in contributing to this ecomomy and the need such incouragement. Look at this very seriously.
# 47 YOU ARE RIGHT ON! THAT IS PROBLEM #1 PA ZED THEY WOULD RATHER WOO A NIGERIAN THAN A ZAMBIAN SHAME!
Hey guys,this is serious.listen, kansanshi mine to declare 298 workers redundant.Huu! What is happening in Zambia!
CONTINUED FROM #50.. IF THEY ARE SERIOUS ABOUT CITIZEN EMPOWERMENT THING, THEY CONCENTRATE ON THAT AND SEE THAT IT WORKS BEFORE PUTTING THE COUNTRY UP FOR FOREIGN INVESTOR SCRAMBLE!
Ba RB you need to look at the local investors please. they have more heart for our motherland. Meet people like bene chilala, GBM, Nchito brothers (forget the politics if you love zambia) lupiya. they have the business mind and their money remain in zambia.
It pains me,all these people wil be offloaded on the street.The impact of the low copper prices at the international market is being felt now.These are some of the problems we have been teling Banda to forsee.But the man doesnt listen,he goes ahead and appends his signature to the bill Salary increaments. How can you reduce on expenditure like that?and he is busy dancing with maureen enjoying when people are hardly having a meal in a day.It pains that i can eat what ever i want but,there are so many of my fellow Zambians who are suffering!
just read somewhere that Chishimba Savior is back for Sata? True or false?How can this be after the chaos he caused? Is this true?
Ba Chewe this is what i have been saying in all my comments about these so-called investors.they have nopw made enough money for themselves,so they can now become big headed.once you say something negative they will capitalise on that and leave the country.I guess those 298 workers are all Zedians teifyofine?why can’t they also cut jobs for their pipo as well.Pa ZED when are we going to wake up kanshi.
Guys where is mangande, masepo and austen chewe. Any news where they are. Coming to RB the guy is a failure don’t trust whatever he says. Very soon zambian will start eating human beings under his leadership. Don’t say we never told before election. Already the prostitute guy Teta said RB will win 2011 election.
These are great startegic moves for our economic growth. I see quite some hope in the positive thinking of the new finance minister. He aims high despite the financial crisis. I believe that if handled well this crisis may turn out to be a blessing to our country as a third world country. I say so because an economy like ours does not pause as many critical uncertainties as those existing in the developed countries. You and I know that the greatest enemy of investment is ‘risk’ which can create great uncertainties. Since our economy does not have high fears in its financial markets we are likely to attract businessmen all over the world who want their investment in safer places.
# 58[Fine] Zambia does not have the kind of infrastructure to attract serious foreign investment. The gov has to do its home work in that area. Otherwise all the country will get is cheap investors and conmen.
#59 The voice
So how do you suppose GRZ should go about having that ‘kind of infrastructure’?
Boa dia Zambianos
Porque Deus amou o mondo, de tal maneira, que deu o seu Filho unigenito, para que todo aquele que nelecre não pereca mas tenha a vida eterna
#59 The voice
In order to lower the cost of doing business indeed GRZ should invest in infrastructure development. The question is, do we have the kind of resources internally to do that?
No. 59 The Voice, as Zambia you have been conditioned to believe that you have nothing to attract credible investment, even at war Angola managed to attract one of the bigest investment in the region thats the Coca cola bottling company. With our so called peace in Zambia we were selling our mines for a song. Have you ever head of Angola privatising its mine?
We are currently enjoying a good and fair amount of Foreign Direct Investment(FDI) comparatively regional wise and it is crucially dependant on our Policy framers to negotiate the best deals for Zambia’s benefit.
As any serious businessman will tell you that one needs a good credit facillity to have any prospects of expanding later on for mere survival. In the same vain, we as a country need loan assistance. However, GRZ must negotiate prudent deals when negotiating for these loans.
#59. The Voice,
You must understand that one of the benefits of attracting investment is to build a stronger economy. when the economy begins to grow the govt will also begin to grow its revenue base and funds available for infrastructural development will begin to increase and then the govt can use that to build in this infrastructure you are talking about. I wonder what theory you are using to say govt should build infrastrucrture before they attract investment. Where do they get the money? You always start from where you are and strategically expand from there. Even multi-national corporations started small with available resource. I urge you to read about Malasya’s economic growth.
We have to take bold steps to invest in:
Uninterupted supply of electricity. All weather roads to areas earmarked for development. Nationwide internet service. A good landline phone service. Reduce the time of setting up a business such as registration. These are a few of many things we need to do. One thing we have to understand is that these investors come to make money. This talk of they come to create jobs is secondary to them. What they want to find is a population that has the capacity to buy their goods and services. Most of these investors have the capacity to set up companies and produce massively. The question is do we have the capacity to provide a market for these goods?
Um surto de cólera no Zimbabue já matou pelo menos 484 pessoas entre Agosto e finais de Novembro, segundo reportou a Organização Mundial de Saúde. A OMS afirmou que a doença afecta a maioria das regiões do paÃs e mais de 11 700 casos foram registados no mesmo perÃodo.
# 65[Fine], its all beacause of our poor planning that we fail to meet the basics of investor requirments. A good example is the money realized from the privitization programe. What happened to that money God knows. That was an opportunity for us to use that money to build the infrastructure I am talking about.
In order to expand the infrastruture base, we need to critically look at our cement production, we need to understand that expensive cement has adverse effects on our production. GRZ only looks at the tax aspect of it, forgeting the compromised services its receiving. Expensive cement will result in GRZ paying heavy bills in construction of hospitals, schools, roads etc. Look at our roads and compare them to roads in neighbouring Botswana, a goodand durable road is vital to economic growth.
No. 68, Zambia as a nation we require forsight, our privatisation programme was a serious loss.
#62. I think if the gov could restructure its tax base, there is quite a good amount of money in the country that we could collect an put to good use. Look at the so called “informal sector”. This sector makes a lot of money which goes an taxed or tax is evaded. It is time formalized the informal sector, and reduce the tax rates to affordable levels. The current tax burden is too high for our small workforce.
#68 Its Jacob and King Cobra who are in good position to tell how the privitization money was squandered.
#68. The Voice,
You are talking about planning, I believe that palnning involves money; you need to know how much you need for any project whether short or long term. You also need to know what you have at hand and make projections.
Now, you said we lack planning; which i may agree with you in many respects. But concerning money raised from privatisation I have a question for you. Do you know how much was raised, and how much did we need to build the infrastructure in question? How much shortfall did we have or how much surplus did we have? I think this is necessary in the process of planning; if you dont know these issues you cannot know whether our planning was good or not.
#71 The Voice
The daunting task GRZ has is to start with formalising and regularising basic settlement! The informal sector to be able to access funding need colateral no matter how small. The major hassle of the small trader is his risky attachment that impedes his abillity to access loan finance. The informal businesses are mostly by people staying in shanties without provable status of abode. Informal businesses are noticebly done on the streets and not in rented office space which is highly risky for loan providers. Credit facillities have failed in Zambia on this account alone. The Task is to formalise settlements and give some level of surety for loan providers. Not to do this is to
# 73[Fine] If you have figure how much we raised I would appreciate to know. However, my point was, whatever amount of money that we realized from the sale of these assets, we could have put that money to good use in terms developing our infrastructure. That could at least been our starting point which we could have built on with time.
Friends, I am sorry I have to leave. I will join you later. Its been a pleasure.
#74 cont’d
simply pour money down the grade. Surety in loan finance or any credit facillity for that matter is cardinal for meaningful business. The peasant farmer in order to access meaningful funding needs credible paperwork attached to his piece of land. All this emanates from a well rooted planning system encompasing local government planning and Ministry of land.
In order to broaden the tax base, informal sector needs to have access to loan finance and to do so, they need to be risk averse as far as lenders are concerned. In order to be risk averse, they need reliable colateral that is formalised and registered with credible Government seal. Property unattached is costly to the na
#77 CONT’D
to the nation. The growing number of shanties is potential un-utillised and this perpetuates a tax burden on a few. That is why redevelopment programmes are economic programmes and not merely social programmes. The only way to add value to informal settelemnt is to intergrate or redevelop. This ultimately will empower the small trader to have access to finance by the realised value of his property. Village land needs to be formalised of course this process should be done in liaison with local chiefs. The purpose is to give power to theland owner to be able to access loan finance using his property. This is the uncoerced way that a common man can be enticed to formalise and u
#78 CONT’D
and ultimately contribute tax meaningfully and government will have achieved to broaden the tax base. Everyone needs funding and this desire in us should be utillised by GRZ to broaden the tax base.
Redevelopment or intergration of settlement adds to high alertness to security. A settlement without planned and named streets is a haven for criminals because of the high chances of evading trace or capture. Very difficult to find someone in unplanned settlement like chibolya and not surprising that criminals easily mingle unperturbed in these areas. To lessen the burden and heavy task of providing security, planning of settlement is a must. A secure environment is a huge bonus to the offshooting of business activities whilst the reverse is a recipe for disentengration. GRZ must deal with the mushrooming of shanties for any meaningful progress.
#37 Tiyende Pamodzi. Its South Korea that i alluded and yes its one of the responsibilities of govt to facililate favourable conditions for its people to invest in. Unfortunately, its not the case with us. For instance why should you be paying Tax to ZRA on the borders through Finance Bank who’s majority shareholder is Raja Mahtani.Are we being of any good service to ZANACO. The Energy regulation board,Telecom Authorities,Transport Ministry and Tourism to mention but a few need to soften up so as attract more investments.Mind you we’re the most highly taxed in the region because of these organs.In addition to the above mentioned govt should consider infrastructural development ….
Infrastructural development or indeed investment because this would creat immediate Job Opportunities which would inturn increase the income tax base. People have been singing about expanding Lsk Int’l Airport God knows for how long. Lusaka City Master Plan God knows for how long. I wonder how we can sort those issues out when people Still have to move about with buckets of water on their heads in this Day and Era.
This culture of borrowing has to be checked. We need to know specifically on which projects this money is going to be applied rather than speak in general terms. The contents of the so called loans need to be made public because at the end of it all, it is us who will pay and bear the burden.
#80. I agree with you 110%. We can reorganize our settlements block by block. I wonder how much our gov talks to our chambers of commerce to tackle some of these issues like real estate business. We need to be deliberate in empowering our people. No one is going to do that for us. The gov have the muscle to backup some of the loans that the private sector would sort from banks. There is simply no political will.