President Rupiah Banda has launched the K470 billion re- development of Finance house in Lusaka by the Zambia National Building Society.
The Central Arcade Development project will house a 1 000 capacity automated parcade, a hotel, banks and offices.
The Project which has been financed by the National Pension Scheme Authority (NAPSA) is expected to create over 1 000 jobs once completed in 2013.
Speaking during the launch, President Banda urged the National Building Society to ensure they fulfill their mandate of empowering Zambians through well priced housing finance.
President Banda said that home ownership must be encouraged in the country and advised the National Building Society to revive its core business to reach out to a greater number of Zambians.
He also urged NAPSA to ensure that the social security funds are invested wisely for the good of retirees in Zambia.
And president Banda has called on Zambians to support his projects, as this will help the country attain the Vision 2030 of becoming a middle-income country.
And Labor Minister Austin Liato said that allegations in the private media that there was a Kenyan investor involved in the project are untrue and aimed at discrediting the President.
Mr Liato said that the project by the two parastatals is a sign of attractive and conducive business environment that President Banda’s government is providing.
Meanwhile, Zambia National Building Society Board chairperson Joyce Simukoko says the project will have a positive impact on the economy and increase revenue for the Government.
And NAPSA Board chairperson Dominic Mbangu said that his institution will recover its resources within 20 years.
And President Rupiah Banda has said that government is looking for more money to pay retirees benefits.
The President says this is in addition to the K300 Billion released last week to settle retirees benefits. Mr Banda said that government is aware of the challenges retirees are facing in the country.
He said that it was unfortunate that some retirees have continued to suffer. The President was reacting to a plea by the Three Lecturer’s Unions at the University of Zambia who are asking government to settle the outstanding K400 billion arrears.