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.
ZNBC
on the watch!!!
Go RB go. I wouldn’t mind HH winning either, but not Mr. Zondwa M C. “There are laws in this country . . . . . Twakana!!
Exponential Growth and opportunities for a strong, better and actualized tomorrow Zambia. People will not eat insults and utopia but such unprecedented national development. Bravo your Excellency! In just 2 years doing exceedingly above and beyond what lunatic could imagine.
Nafuti Nafuti for a strong tomorrow Zambia.
Citizen, you seem to have a myopic view of development. This ‘development’ as you call it is not related to any strategic plan. Cairo road has high levels of congestion at the moment, how can you add a hotel and mall in an area already congested? What are the returns on capital employed on the project? I probably have a better vision of what is possible; why not declare Cairo road a car free zone, build a tram system covering Chelston to Chilenje through Cairo road (can be extended to other areas) – Kaunda tried something similar! You can get cash on a daily basis and you decongest the roads in the city. Corporate cars can be charged a premium to access Cairo road. This is an example of how African Presidents confuse educated minds; politics get in the way of logic!
Zambian walasa! Unfortunately, Senior Citizen, RB, MMD et al have only a short vision of where Zambia is going! There are not looking at 5 years 50 years or even 500 years from now where will we be? I believe development must be looked upon in a Zambian light rather than concentrate on saying only MMD can bring development to the country! This project is a good example of when people say RB is only completing LPM projects! When will this project end- probably 2015 (maybe even the PF government will be running the show)! Should we deny RB the accolades then? NO! Due credulance must be given as and when it is due!
Is he crying or smiling.
#3 Cilisilu
its only exponential growth if profits would be retained within the country and people will be given decent jobs.
This is better news. We are tired of nyo nyo nyo from chiSatana
dont be silly u are claming to be donchi kubeba crew u are lik me in MMD bu we are leaving MMD going to PF MMD is finished all these projects are wack……..waumfwa mafi iwe
This is going to create a lot of employment opportunities – from the people working on the site as well as those further up the supply chain. Very good news Mr President, you might as well make yourself very comfortable at plot 1.
This is the way to go – less talk and more development (ifipapo). Let those who want to insult continue because their vulger language will not take them anywhere. We want job creation in our country. There were attempts to discredit this project but they have all floped. The problem is we have critics in this country who have made it a habit to always be against what is being done. I will respect any critic who criticises and offers a vaible alternative. This is what we call “Constructive Criticism” not ukubwatabwata. These same critics, are they telling us that its only them who are always right and all the others are wrong? Please spare us. People get fed up.
What does development mean to you? A building built by KK?
RB please offer contract to Chinese please, not your Kenyan (Masai) friends or the Nigerians you dinner with. Are the doors and locks going to be supplied by your son from South Africa again? Why NAPSA not investing in farming and forestry, there is money too.
Good news. Pay the retirees quickly. Money is there.
An economy doing well and some people are just too blind to see…..
Am currently visiting Zambia and am impressed….
What are you impressd with? buildings? Let us know please!
A country of marketeers doesn’t need manufacturing industries. They need shops and markets and arcades!!! RB has just confirmed this! Carry on!! I have to leave now, to do some R & D from private funding!! That is what Manda Hill, KCM, Dongwei, and all that is about:” Stop claiming sucesses for other pipo’s sucesses. As if I didn’t struggle!! Mwilanchinfya!!
RB nafuti nafuti..
Why do not the other sites talk of development issues?Â
They are just twisting facts to suit their agenda. To have a new hotel, office and banking space is a good development for CBD.
Keep up the good work and silence the critics with actions than talking.
RB for 2011, Zambia for all- one Zambia, one nation. Nafuti Nafuti
It s wat they call jobless growth
Could you please explain your point.
it good to hear such development but for me we need a long term plan to develpment not like dreamed plan and then it start. long term plan are better even if there is change of govt such project continue that how they do our friends in other countries. how can a president from no where comes and anounces a big project which the country men are surprised this being uncivilised to people and the president.
More Chinese bricklayers are coming.
We ive so many banks ,hotels and office wha we ned is manfu industry
There we come.We know you can`t do without us.
i hope its true for the retirees, are we going to ever get our money from UNZA you pipo, they want pipo to die before geting their monies
And that is a scandal according 2 membe. Umu guys alifulwa pakumuchinga ama big deals.chimo nabena mbitter chitala.balifulwa ama guys
It actually is a scandal. Where can you get a pension fund investing that amount of money in a venture that will not yiels as much as it costs? How much will the Pension Fund charge for rent to recoup the money being spent before actually having a surplus to pay the outstanding pension arrears?
why only when it is election time no elections no food no jobs no development what kind of govt is this wina azalila
eh…..Boma yenve tichinja na Taskforce ibwelanso. Somethg nsomba tanvela kudala
Is ba Mwila mmd where has he left his party; why is he afraid of change this year has he got something to hide
Why should we always envy towns like addis ababa like we dont have brains and resources of our own.please RB in your last five years help us change the image of our city.tulomfwa insoni nga tuli ku fyalo fimbi
At least somebody is delivering unlike the chief vuvuzela from PF
PLS DO EVERY YOU CAN SO THAT YOU LEAVE A GOOD NAME…BUT THIS TIME KUUYA BEBELE
It is not diffucult to see who is winning this year’s elections. Please, we do not wan’t any confusion as a result of faise hope. Who ever losses the elections should shut the hell up!
We, love you RB.
Zondwa’s spin doctors are still working on how to turn this on its head into a negative, watch the space!
ok thats nice to hear,but honestly i feel thats not what we need as a developing country like zambia,we need things like manuf industries,and government ownd universitie like like agriculture university to deal with food in the country,school of mines operating on a fully government ownd mine so the money can stay in zed and produce more localy qualiferd mine engnrs etc.we need industries mwe bantu and more higher institutions of learning
not chabe kuchitila ma decorations ati naise bati oneko ati we have development plans
We as Zambians are greatly humbled by your excellency’s steadfastnest in ensuring that this great nation becomes a ‘first world country’ by the time you leave office in 2016.Woe unto the despisers of your great achievements.
SO we are told the contractor is not Kenyan but we are not told who it is. That I think is very important considering the size of the project
Again misplaced priorities.
I can see three people in the picture and i have failed to know who president Banda is. I need help! Never mind this is good development all the same. Viva RB. Abash Shikulu Satana. I end here!Â
Yes, Abash Satana, BUT VIVA Michael Chilufya Sata!
BUT IFWE NI PA BWATOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
The problem with Zambian in general is you hail development as shops, malls and toyotas. Development is ability to provide all citizens with basic human needs: food, shelter, health, education,
Another fund raising venture for 2011. Please Mr. President we need such development in ndola and kitwe. Please bring such things to the copperbelt.
Let him smile for the next 3 months. Power belongs the people. (the Kaponyaz)
Am sure Michael Chilufya Sata is heart broken.
Good work Mr.President, We need more of these good works on the copperbelt. I like the way the President is lunching projects. Plus I have a campaigh program for the copperbelt and lusaka for the President but How to sale the concept to the President is what is a problem. There are so many protocol along the way. I wish i can talk to the President about My campaign strategy for the (Copperbelt and Lusaka). Am using 0964527007.
Zambians retire too early. Due to the pandemic many get out of gainful employment early in life. We need to increase the clientele for insurance whether for life, critical care or accident. How can the state support someone for life when they retire at 40? My dad has lived longer as a pensioner than a worker!
Good work Mr.President, We need more of these good works on the copperbelt. I like the way the President is launching projects. Plus I have a campaign program for the copperbelt and lusaka for the President but How to sale the concept to the President is what is a problem. There are so many protocol along the way. I wish i can talk to the President about My campaign strategy for the (Copperbelt and Lusaka). Am using 0964527007.
True that ba nunber 37,its FTJ ‘s fault he inculcated this idea into Zambians that they can develop through trading that’s why the chap was not supporting the growth of the manufacturing sector.
Service industry will not bring in forex
All this so called developing Zambia were Mwanawansas ideas. He comes along and takes all the glory. All the ground work was done long ago…
In neighboring countries, this kind of money can tar a road from Lusaka to Kazungula boarder post. I can’t wait to see what structure comes up there. By the way, is it refurbishing or a completely new structure
#46 If it is true, it is called being in the right place at the right time – and doing the right things!! Mwanawasa is gone – let him rest in peace.
GOOD INVESTMENT PLANS.THIS WAY THE MONEY WILL GROW AND MANY WILL BENEFIT.STACKING BILLIONS IN THE BANK IS STUPIT.IT CAN BE ”EATEN BY INFLATION OVER NIGHT. THUMPS UP RB.
Good evening
I was reading an article by a German economist about how Africa has become the new frontier for investment. This view is based on an assessment of improved economic policies in many African countries, Zambia included.
The report says most sub-Saharan countries have emerged from the financial convulsions of 2007-08 with a legacy better than much of the rest of the world. It goes on to say African economies have a good long-term perspective for development because Africa has well over half of the world’s unused farmland that will be needed to grow food for burgeoning populations over the decades to come.
Now coming to read this headline story on LT, I can only hope we overcome our political differences and unite for the continued development of our mother country.
Some shares in the mines, oil blocks, banks, communication industry and tourist industry should also be sold to NAPSA as a priority. This guarantees a trickle down effect of the major foreign investment into the Zambian pension funds. In addition, shares should also be sold to NAPSA for foreign investment companies making over a certain amount of money in Zambia per year. This will encourage young Zambians to put money in their pensions which is a benefit for the country.
#50 Chale, You can’t end all your good reads with “your mother Zambia”. Who on earth would wish Zambia’s to be its mother? Zambia is being abused so much. Would you wish Ruphia Banda to takecare of your mother as he is taking care of your Zambia? KK I would accept. Yes continue hoping to resolve political differences, among those who what to take care of YOUR MOTHER Zambia.
@21, taskforce goes with corruption, so if pf wants to bring back taskforce it does not take rocket science to guess that pf also wants to bring back corruption. the man was the very sibling of corruption, ask mmembe and his post.
the way this project was twisted by the post and pf bloggers, one would have thought that the US$98million was being spent on refurbishing the gutted building. no one mentioned the development of such a massive elegant project, wow is it happening in zambia? pf and mmembe must be ashamed today,
Iwe ulicipumbu,the isue here is about the way our pension money is being spent,you should ask first the owners of money before you spent it for your political compagn.
After many years of contributing to blogs on LT, I think I have to call it a day. I used to come to LT for proper news. Now it is just an extension of the Daily Mail, Times of Zambia, ZNBC and ZANIS. I need to find a better website for Zambian news.
#50 Nine Chale – we certainly need to unite for mother Zambia but not with RB at the helm. hotels, banks, shopping malls are development for consumers. With 90% of the population unemployed we need to develop manufacturing and farming industries and archades will sort themselves organically.
Too little too late RB, if you had started this from the word go people would have thought you deliver…but after wasting time flying around its diificult to sway people tha have been campaigned on DONCHI KUBEBA!
THIS IS WHAT WE SHOULD BE DOING FIRST!
SA cuts Libya links
By SowetanLive
Thu 26 May 2011, 06:40 CAT
SOUTH African financial institutions have suspended business with entities linked to the Libyan government, Finance Minister Pravin Gordhan said Speaking in Parliament he said he could not disclose any further details. “Particulars cannot be disclosed publicly.” South Africa remained committed to implementing the “letter and spirit” of the UN Security Council resolution.
U CAN’T PLEASE US IN THE LAST MINUTES,THE MIND IS ALREADY MADE UP KUYA BEBELE RB.
CONTINUE YOUR LAST MINUTES PROJECT,BUT THE VOTE GOES TO PF PERIOD.
Banks and hotels only make sense where people have money to put in those banks or spend at the malls and Hotels. Are these things being built for a few foreign expatriates and govt officials who can afford these things? How many Zambians have the kind of money to support these banks and hotels? Very few indeed!
Develop industries that will create good paying and sustainable jobs for citizens first, then build world-class malls and hotels where they can spend their monies. Just a few days ago (here on LT) there was an article about Minister of Tourism, Ms Namugala, complaining about the lack of Zambians participating in this industry, either as Investors or patrons—simple, very few Zambians have disposable income. Banks, malls, and Hotels are a good idea, but a misplaced priority!
Mr Yambayamba, most jobs are created because those with money to spare want to spend it, we call it disposable income in Economics. It is immaterial who the spenders are, foreign investors, expatriates, diplomats, Zambians including yourself. It is called the service industry and it is not only a big money spinner but also one of the largest employers in the world including both the poorest and richest nations.
Mr Chitapankwa #55, please rest well in retirement, we shall not miss you.
@zambian, chikalaaa, you dont know what a parcade is? Congestion ikafuma kwi?
I reckone in the very near future if Gadaffi manages to remain alive he will reveal what really happened in the Zamtel scandal, he’s got nothing to lose anymore. I bet RB and his crowd of thieves are praying for his assasination so that nothing get to be exposed. In any case my appeal to the CIA and the British secret service is, as you sieve through Maddog’s files please look out for a file labeled ZAMTEL-LP when you see it please hand it over to us we beg of you.
Is it Finance House or Society House? And this building was gutted by fire about 14years ago,will it be demolished or they renovate as it is? My major concern is if it will only be renovations, then it will be hazardous to human life because it got burnt and heat tends to weaken anything.
VIVA MR RB MORE CHINESE BRICKLAYERS AND TIPPER DRIVERS ARE COMING TO WORK IN ZAMBIA. YOU ARE WORKING VERY HARD FOR CHINESE PEOPLE. WHY NOT CREATE A CHINESE TOWN IN ZAMBIA. ZAMBIAN ENGINEERS AND ARTISANS CAN FIND JOBS ELSEWHERE, THEY ARE USED TO SUFFERING.
In the same vein, I think it is about time Zambia state insurance also released some money to rehabilitate Anchor House and Woodgate House. Zsic holds huge amounts of money and therefore should follw Napsa example.
I hope the safety risks have adequately been addressed in the new design and that includes equiping the Lusaka fire brigade and other emergncy services with resources, just in case.