Transport and Communications Minister Yamfwa Mukanga has revealed that Government will return to the international markets and borrow US$ 300 million to recapitalise state run telecoms firm Zamtel.
Mr Mukanga told Journalists that ZAMTEL is currently limping and failing to compete with Airtel and MTN due to a lack of investment.
He said the US$ 300 million to be invested in ZAMTEL will make the firm more viable and competitive.
Mr Mukanga also defended the decision by late President Michael Sata to nationalize ZAMTEL after repossessing it from its Libyan investors.
He said President Sata did not make a mistake nationalising ZAMTEL from LapGreen of Libya because he was acting in the public’s interest.
“It was not a mistake because that is what the people wanted government to do and government was merely responding to the demands of the people,” Mr Mukanga said.