President Rupiah Banda has commended China for signing four Memorandums of Understanding (MOUs) with the Zambian government aimed at investing in various sectors of the economy.
Mr Banda said a Memorandum of Understanding (MOU) signed on behalf of Government by Mines and Minerals Development Minister Maxwell Mwale in Livingstone today will see China Development Bank provide an initial amount of US$ 5 billion to companies in the mining sector.
He urged the Zambian private sector to work with their Chinese counterparts so that they could access resources from that fund adding that it was his desire to see that the cooperation benefited the people of Zambia.
The President was speaking in Livingstone Wednesday during his meeting with the Chinese delegation from China Development Bank and the China Africa Development Fund at Royal Livingstone.
He said the China Development Bank and the China Africa Development Fund were not strangers to the country as they have supported various projects in the mining, energy and telecommunication sectors. The President added that a number of companies in the country had benefited that included China Non ferrous Metals Mining Company, Albidon and MTN.
Mr Banda said he was happy to note that another Memorandum of Understanding pertaining to the development of the agricultural sector had been signed on behalf of the Zambian people and thanked the Chinese for taking great interest in the development of the agriculture sector.
”My government will continue to work very hard in order to make Zambia an economic success story,” he said.
Mr Banda also said he welcomed the signing of the Memorandum of Understanding for establishing a China Development Bank regional office in Zambia and described it as a positive development. He said apart from offering job opportunities, the China Development Bank regional office would accord the Zambian business community a chance to join hands with their Chinese counterparts and access the much needed funds to invest in all sectors of the economy.
Mr Banda noted that the selection of Zambia as the location for the Central and East Africa office of the China-Africa Development Bank no doubt demonstrated the positive investments environment that the country had created.
The President observed that Zambia and China had enjoyed a warm and cordial relationship for a long time and that Zambia attached great importance to the relationship between the two countries. He added that the Chinese’ delegation to Zambia was testimony to China’s commitment to the development of Africa and Zambia in particular.
He observed that the President of China Hu Jintao during the 2007 Beijing Summit of the Forum on Chins-Africa Cooperation reaffirmed China’s commitment to strengthening bilateral cooperation with African nations.
Mr Banda said one of the measures announced then was the establishment of a China-Africa Development Fund to encourage and support Chinese enterprises to invest in Africa adding that the delegation’s visit was a fulfillment of China’s commitment to Africa.
The President also noted that a number of Memorandum of Understanding were signed during his state visit to China in February this year and said he was happy that they were becoming a reality today. He noted that Zambia was a developing nation and required more resources to build infrastructure and welcomed the China Development Fund to bridge the gap in financing.
Mr Banda said a committee that would be chaired by Energy Minister Kenneth Konga would be formed that would see to it that the projects to be funded with assistance from the Chinese government are implemented as soon as possible.
Speakling earlier, Chief Executive Officer of the China Development Bank Jiang Chaoliang said the visit to Zambia by the bank executives was a follow up of the state visit by President Hu Jintao to Zambia in 2007 and President Banda’s visit to China in February this year.
Mr Chaoliang said after President Banda’s visit to China early this year, the China Development Bank was tasked to come to Zambia to see how they could help the country economically. He said the bank was wholly owned by the Chinese government and was responsible for long term external financing and that it was also a leading bank in China supporting infrastructure development.
Mr Chaoliang noted that China Development Bank was the largest bank in the world in terms of external funding and that it provides funding to major projects in the world. He said the team was visiting the country so that they could further expand cooperation in agriculture as Zambia was endowed with vast water and land resources.
Mr Chaoliang further said the bank could help Zambia overcome the global economic melt down in the mining sector. He also said energy was a prerequisite of the development of other sectors and noted that the China Development Bank was keen in helping Zambia improve its hydro-electric sector.
Mr Chaoliang said his bank would be willing to provide financing to Small Medium Enterprises (SMEs) .
He pledged to conduct a comprehensive cooperation with the Zambian government so that there could be a framework between Zambia and China Development Bank.
The Zambian delegation comprised of Energy Minister Kenneth Konga, Mines and Minerals Development Minister Maxwell Mwale, Agriculture Minister Peter Daka, Funance deputy minister Chileshe Kapwepwe and Commerce deputy minister Lwipa Puma.
Other dignatories from the Chinese delegation included International Finance Department Director General Liang Husiang, China Africa Development Fund Chief Executive Officer Chi Jianxin and Global Coopetaion Director General Wang Ge Fan.
The fruits of RB’s China visit.Another encouraging development is the selection of Zambia as the location for the Central and East Africa office of the China-Africa Development Bank thereby bringing credit close to the people.Credit is lifeblood of any economy and borrowing to invest and NOT consume is what drives any economy.If or when the earmarked $5 billion is indeed used as planned,I can foresee the opposition in Zambia becoming rendandunt for it will be hard to discerdit the govt like the it is in Botswana.
RB – The most clueless leader in the history of Africa.
Zambia is basically a nest egg and until we have leaders who can crack it, the Zambian people will continue living on crumbs.
RB – Roydah Bulanda
$5 Billion pa Z, thats more than what FTJ managed in 11 years combined. I hope the economy starts reaping eventually…
There we go again at the expense of our natural resources…one tends to wonder why china has such an enormous interest in africa now..lets hope it never turns out like japan which is using africa as a dumping site for their used cars while zambians are having a feeling of economic revival..Lets seal deals which benefit the country in long term than just casting a veil on the faces of people making it look like it will be worth it 10 years from now..and also goevrnment must initiate plans to generate its own money than just borrowing..like whats the sense in cutting down the windfall tax in the mining sector and borrowing such huge funds from china?????maybe RB stands for rubbish bin
“Mr Banda said a Memorandum of Understanding (MOU) signed on behalf of Government by Mines and Minerals Development Minister Maxwell Mwale in Livingstone today will see China Development Bank provide an initial amount of US$ 5 billion to companies in the mining sector.”
This will expand Zambia’s mining industry. This is thus good for the economy and Zambia as a whole.
“Mr Banda said he was happy to note that another Memorandum of Understanding pertaining to the development of the agricultural sector had been signed on behalf of the Zambian people and thanked the Chinese for taking great interest in the development of the agriculture sector.”
This will add to the diversification of the economy and is thus welcome.
cont from #6
It will also add to food security in the nation and the SADC region as a whole. We might just see a new food basket emerge in the SADC region. Exciting really.
“Mr Banda also said he welcomed the signing of the Memorandum of Understanding for establishing a China Development Bank regional office in Zambia and described it as a positive development.”
This is good news. This will strengthen the banking industry in Zambia. We might just see a new financial hub in the region.
TOWARDS ECONOMIC INDUSTRIAL COMPLEX
Buckle up your belts under this altruistic leadership of His Excellency President of Zambia the commander in-Chief of the armed Services Rupia Bwezani Banda. You are about to see and live in an “Economic Industrial Complex” of historic value and opportunities. RB and his most educated, people centric, humble, pragmatic core of leaders in the administration and the 3Es driving the economy is about to take off to her industrialized prosperity. Be part of the prosperity drive ignore pessimistic sore losers laboring in vanity. With strong economic fundamentals and tools of real value driven development, plug yourself in prosperity now. The prosperity train is about to take off be part of history.
China Development Bank like any other bank is a profit making financial institution that gives loans and benefits through interest. my worry is why do these guys get money without telling the public how much interest is involved annually or quarterly? what if we default and fail to pay the payments, what are the charges that comes with it? what are the other conditions affiliated to such loans? this is what interests any educated Zambian. anyone can borrow especially from these countries whose target is is to get close to any weak government and get its natural resources but how will Zambia be able to pay back? can someone tell these guys once more to be more open knowing that we shall all be affected buy these colossal amounts they are getting as though its for free. RED CARD
Mr. Capitalist and Senior Citizen Cont posting more and more entries
ZAMBIA TOWARDS AN ECONOMIC INDUSTRIAL COMPLEX
Mr Sata you must agree this facility if used prudently, can take Zambia a long way. By the way sir, when are we getting those purported real financial numbers regarding short changing the puplic of council service provision to the residents in PF/UNDP areas ?? They were promised almost 12 days ago ,sir.
Sharp Shooter is spot on Kafupi displays ignororance with economic drivers. Z financial system is very small to fund $1 BILLION projects hence the need for foreign capital. Less than 20% zambians have electricity, much of our AGRIC / mineral wealth is unexploited, we have very low industrialisation so that should tell you the huge market that exists for electricity. So $1b debt to build a power station TO be paid over 30 years is nothing. we need more such money to build roads and rail to access wealth in untapped areas and Open up our country’s beauty for tourism. We should not fear debt. THE CHINESE HAVE SELF INTEREST SO DO WE – MONEY WE DO NOT HAVE TO GROW OUR ECONOMY – THAT IS OUR INTEREST. ONE DAY, NOT NOW, ZAMBIANS WILL TAKE OVER THEIR ECONOMY AGAIN! BE READY – EDUCATE THE NATION
Ba shu shu shu mwasamwa pa blog lelo. You know yourselves!!
Sports For Hope Inaugurated in Zambia
Youth Development Center opens in Zambia as the prototype for the Sports for Hope program initiated by IOC President Jacques Rogge.
About 600 young athletes tried out the state-of-the-art facilities in the northern part of Lusaka, Zambia’s capital city, on Tuesday. Some were in awe of their good fortune.”We never had turf like this,” Floyd Chomba said of the artificial turf on the hockey pitch. “We couldn’t really practice like we were supposed to. Because of the fields, we can show our best talent.” That’s what Rogge had in mind three years ago when Zambia was selected as the pilot program for Sports for Hope. Rogge wanted to bring world-class sports facilities to emerging nations.
Lets be pragmatic about investment, we still have a kaNtemba mentality. Commercial-economic culture is in its very low infancy in Z and will only grow through exposure to foreign cultures that possess it. THE JAPANESE DID IT MOVING AWAY FROM THEIR FEUDAL CULTURE THROUGH CONTROLLED ACCEPTANCE OF FOREIGN INFLUENCE WE SHOULD TAKE A LEAF FROM THEIR BOOK AND be careful to define where we are and what / who we need to develop the right commercial-economic culture. tuNtemba won’t reduce the poverty rates in our country, I like RBs drive for BIG BIG THINGS, there’s a caveat to this of course – it should always be about people, ZAMBIAN PEOPLE, THE POOREST OF THEM
Zambia, which was supposed to host the 2011 All-Africa Games, was a logical choice among several continental candidates. Although Zambia had to withdraw from hosting the multi-sport event because of the economic crisis, the IOC stuck with plans to build the $10.3 million center.
“This is not just a national center for elite athletes,” Rogge said. “We are confident it will become the center for regional and even international competitions. And perhaps just as important, it will be a center for sports and services for the local community. On this success, we hope to build similar centers in other regions around the world.”
The next Olympic Youth Development Centre will likely be in the Americas.
Rogge joined Rupiah Bwezani Banda, president of the Republic of Zambia, for the ribbon-cutting ceremony as more than 2,000 people visited the center. Workmen were still watering and shoveling mud to get everything ready as the guests arrived.
The center has soccer and hockey fields, a track and courts that can be used for basketball, netball and volleyball. The facility also includes a boxing ring and a multi-purpose building. There are classrooms, a library and a room full of computers to help provide a wide range of educational programs such as HIV and child abuse. Health services, including vision and dental care, and community activities will also be offered.
The OYDC Zambia is collaboration between the IOC, which led the project, the Zambian government, which donated the land, and six international federations. The IFs of athletics, basketball, boxing, weightlifting, handball and hockey helped to develop the sports facilities, arranged for the equipment and offered technical expertise and funding.
“Our youth should be proud they have a facility of this magnitude,” said Kenneth Chipungu, Minister of Sport, Youth and Child Development.
Banda noted that 68 percent of the Zambian people are under age 35 and said his government has “prioritized investment in sports.” “Zambia stands at a time in history when sport is now internationally recognized as an effective means to achieve developmental goals,” Banda said.
IOC Members, Federation Leaders Out in Force IOC member Patrick Chamunda beamed with pride as dignitaries toured the center in his home country. “This is a realization of a dream for most of us, particularly for the young people that will have access to these facilities,” he said.
The OYDC will officially open on June 1. Schools will have programs in cooperation with the center, and talented athletes also will be identified through their national federations. The staff includes eight people in programming and 12 in maintenance, according to Clement Chileshe, the consultant who is Project Manager Operations for Sports for Hope.
“I feel this is going to be a route for changing lives in young people,” Chileshe said.
Rogge said that sport strengthens the body and the mind, integrates people into society and teaches respect for rules.
“It brings hope, it brings a dream, it brings joy and for the nation, it allows for identification and a lot of pride,” he said.
NOW HICHILEMA & SATA OPPOSE NATION DEVELOPMENT
Oppose State of the art new Olympic Youth Development Centre (OYDC) opening up in Lusaka
Oppose construction of National development roads networks around the counrty
Oppose capital investment in new Hydro-electric Generating plant
Oppose all forms of capital projects of new schools, Hospitals like the undergoing Lusaka, Chongwe and Kafue state of the art Referral Hospitals
Opposing the construction of Rail way networks to Angola, Mozambique and Namibia.
Forward with national development to hell with their inconsiquential opposing politics of poverty.
Dont worry folks- with the way MMD is going on, we are becoming a Province of China soon with a Senior Citizen to rule us in Chinese! I have even started learning ???????? to prepare for the one billion Chinese Dollar investment!
The Chinese seem to be desperate for some favorable influence over Africa’s natural resources. They’re are not only in Zambia but currently active all over Africa. After watching a a documentary about Chinese investment in Africa recently, I have come to understand that as in everything else before, there must be a conspiracy somewhere against Black Africans.
Why can’t we sign a Memorandum of Understanding with our own African Development Banks which deals with African Finance and Trade?
Well,,,,zambia is surelly headed for prosperity and economic boom,almost 2yrs on the track in office we have heard how the RB administration has transformed our economy, billions of dollars have poured into our economy, the exchange rate has gone down,our reserves are overflowing,plenty of employment opportunities,families can now afford 3 meals a day,hospitals are overflowing with medicine,no need to go to Morningside clinic for reviews,RB has commisioned schools,hospitals and roads.Food is getting cheaper and cheaper.Lets all support this son of africa who is working tirelessly for the good of our nation…VIVA RB
Senior Citizen says:
May 12, 2010 at 9:20 pm
ZAMBIA TOWARDS AN ECONOMIC INDUSTRIAL COMPLEX .
MMD have been bragging about the MEZ for 2 years now with all to show is a fenced park with NO FACILITIES.
The day a building with electricity is ready and doors open then MMD can be congratulated but until then it is all just a bag of gas ready to implode with one PRICK called Rupiah.
All of a sudden bootlickers have appeared.Well ,why is your President lying that Zambia got nothing from Windfall taxes? Is the man really an economist? Mines are owing billions over the same,all you need is to go collect,some Mines like Kansansh paid.Now how do you expect ZRA to collect with such utterances.There were actually international audits from Norway working with ZRA to audit the Mines over the same.This is the worst president Southern Africa has ever had[-x[-x[-x[-x[-x[-x[-x
Surely the figures being mentioned are HUGE. Can someone give us a detailed report how these funds will be utilised? We also need a figure of our current national debt.
Enough self praise and rejoicing. Can we see proper breakdown and distribution data for us to smile with you atleast? If not ready, then keep your cool and only brag when there is physical evidence of the achieved goals.
Mr. capitalist, y cant you just use one blog name????
We have been on this road before, paved with gold and silver, then the driver diverted onto a bad road. He did not feel the bumps because he was sitting on a lofty chair while us in the back felt terrible. If my memory serves me right, the current driver was one of those in the front seat on a lofty chair. Maybe he means well now, why doubt him! Zambians are always optimistic people (or forget easily)- “tukaba bwino kuntanshi”, we always say.
thelusakapaper point com is a worthy opponent
These are the stories that just rile up people on this blog. Those who hate RB for unknown reasons and those who support PF & UPND are all feeling so bad that development is coming to Zambia. They wanted poverty to increase and FDI to exit, this way their chosen candidate can win the 2011 election. Very sad indeed!
As for the Zambian people, this means more jobs coming and less poverty there after. Well done RB!
# 33 People do not hate RB but his management. We want results not just talk. He spent more than two weeks in China and he is still signing agreements. And we dont even know what is in those agreements anyway. So Mr Phd dont think that people are just complaining but they want to see positive results. Before the last two by – elections he mentioned about a lot of projects,now people from the same areas are complaining that there is nothing happening. Do you want us to keep quite for sake of you and your masters welfare ? I dont know what development you are talking because today our country looks like we coming out of a civil war.
This is very good news. May we have more investment. China is the Big guy on the global scene. Let’s embrace them and see how Zambia can benefit from their presence. They need our resources and we need their money.
Zambia as a Christian nation is blessed.
Why cant Zambians ever celebrate, and receive development with open arms. Dont worry so much about losing votes, development should be your ultimate goal. I really dont mind even if Zambia becomes a province of China, if we can have a pinch of the development in that country, then am ready to be a province. Forget about your political affiliation, lets develop Zambia, we are too divided, everything is politcised. Take a step back and realise how much time you would have lost in being angry at every turn government makes, just imagine what if Sata or HH dont live to see 2011, and RB still leads, you would have wasted ten years of your valuable time being angry for nothing. When it come to developmental issues, drop your political heart for a minute, and lets work together to fix our Zambia
Comments are closed.