THE Public Service Pensions Fund (PSPF) has started the construction of the US$72 million Alick Nkata Shopping Mall to raise revenue and reduce pressure on the Treasury.
Under the project, about 300 jobs are expected to be created during construction while 500 permanent ones will be created when it is completed.
Minister of Commerce, Trade and Industry Margaret Mwanakatwe said the mall will, upon completion, increase the investment portfolio of the fund to about K50 million per annum.
The mall will house a five-star hotel, six-storey office building, entertainment facility and expansion of the main road for easy access and traffic flow.
“PSPF has taken a landmark decision to embark on infrastructural development of a multimillion kwacha project to build an ultra-modern shopping mall that will in the long run benefit pensioners, serving members and beneficiaries of deceased estates,” Mrs Mwanakatwe said.
She said the funds from the project will boost the financial health of the PSPF and reduce pressure on the national treasury on account of pension obligation payments.
And PSPF chairman Moses Banda said the project will enable the organisation to be financially sound and sustainable.
“We are aware of the importance that Government attaches to the financial position of the PSPF and indeed its investment is critical as it relieves financial pressure on the Treasury,” Mr Banda said.
Yes, that is what we need, more malls. 98% of Zambian people will never step into the mall or sleep in the hotel.
Malls are not development. Focus on agriculture please. It is the only way out not superficial development
Margaret Mwanakatwe is an illegal minister & MP, so everything she says & does is purely by law null & void. Shame.
The courts of law & justice nullified the illegal & undemocratic parliamentary positions of Mwanakatwe with unprofessional bandit Luo. These two must respect the courts & constitution~simple PF bandits.
The Skeleton Key
~206~
In the same way you’re advising Margaret & Luo to respect the decision of the court, kindly advise UPND to accept the decision of the Concourt.
Yet anaza shopping mall to sell South African products with the fake minister insulting our intelligence by asserting that this will “raise revenue”.
As long as we remain retailers and not manufacturers, we will be the street vendors of other country’s products.
Visionless leadership strikes again
Mall after Mall after Mall selling finished goods 75% made in South Africa & 25% chinese plastic toys. All are in the same area. Alick Nkhata is 5 minutes drive (via Thabo Mbeki Rd) to Arcades, Manda Hill & East Park malls.
These malls will create jobs for RSA & Chinese youths. Better to even construct 10 modern markets, at least all products are local.
Pf is an evil Mungulu/chipante-pante Govt.
Go into agriculture, produce food and put pressure on govt. to provide incentives for Zambian produce as a priority. As at now Zambian farmers are still disorganized in spite of high productivity to compete against a well-organized system. Have you wondered why the Zambia National Farmers Union is quiet over issues like these in their domain. Do not blame the construction of malls and then when they are ready you are the first ones to go there and shop and enjoy yourselves instead of going to Soweto Market to go and buy tomatoes.
Who ever are the fund managers need to be sacked for misusing pension funds..who is going to live in all these hotels? You large chunks of land and you waste $72m on this
Zambia has beaten Iran 4-2. Congrats boys. By the way HH is still in Chimbokaila
1.1 MALLS ARE NOT DEVELOPMENTS IF YOU ARE MYOPIC. MALL WILL ACCOMMODATE SUPERMARKETS THAT WILL BUY LOCAL FARM PRODUCE AND OTHER LOCALLY MANUFACTURED GOODS. THAT IS INCREASING THE NUMBER OF FARMS AND IMPOSSING STANDARDS IN PACKAGING AND LOGISTICS. MALL APART FROM MODERNISING TOWNS, WILL CREATE INSTANT EMPLOYMENT OPPORTUNITIES FOR LOCALS. MALLS WILL TRIGGER CREATIVITY, ETC.
BUT AS I SAID, IF YOU CAN’T THINK BEYOND HATE POLITICS, YOU CAN’T SEE WHAT MALLS CAN BRING ABOUT.
@mama
So what? It doesn’t matter. They will benefit from the pension fund.
Where exactly along Alick Nkhata road (am assuming) is this site?
It’s good to invest in infrastracture but if the citizens don’t have sundry income to spend such investment and not key to nation development.
They invest in a mall but civil servants who retired a long time ago have not been paid their benefits. Most teachers retire and do not leave their govt houses for new teachers to live in because retirement benefits are not available and the retirees cannot go home. What a circus!
Invest in IT and get connected to the world. Learn for Asian countries like Malaysia, Philippines….etc. Apart from the Victoria fall what can bring a tourist to Lusaka? To see how poor we are? This is because of selfish leaders. It make my heart bleed!
It is never about manufacturing. It is always retail in this country.
Malls will provide employment for waiters, shop assistants and security guards.
Mwanakatwe, do you want your children to wait upon people in bars and restaurants?
Do you want your daughter Chitalu to serve beer in a bar? Of course not?
Are those the type of careers that we want for our children, our future leaders?
Vision-less Lungu and PF at it again.
She wants chitalu to rent , emphasis on the “rent” a shop for Brazilian hair at the mall
Invest in factories,power plants and communication networks not these damned malls.
What kind of a shopping mall without a deep foundation? and where is this mall in Lsaka? and the Chinese are our all weather friends
what if piles were used? Don’t be narrow minded!
SO, KK WHERE ARE YOU WHEN THE CHINESE ARE BUILDING MALLS IF YOU THINK THEY SHOULDN’T BE BUILDING MALLS IN ZAMBIA? DON’T JUST BARK FROM OUTSIDE ZAMBIA. GO THERE AND DO SOMETHING AND THEN START BARKING.
What has happened to the Catholic Mall? Has it been crushed totally? Sad news though!
Catholic Mall had no backing of any greedy politician,hence its down fall!
Alick Nkhata? Don’t we have Zambian names that we can recall and name after these buildings? Why do we bother so much about Malawians mwebantu?
Last time I checked Alick Nkhata was Zambian and a freedom fighter.
Malls and Malls again – We continue to support South African Manufacturing Sector. Our manufacturing as dead as ever! They think this is development, no it is not. We are just supporting jobs in SA.
Go into agriculture, produce food and put pressure on govt. to provide incentives for Zambian produce as a priority. As at now Zambian farmers are still disorganized in spite of high productivity to compete against a well-organized system. Have you wondered why the Zambia National Farmers Union is quiet over issues like these in their domain. Do not blame the construction of malls and then when they are ready you are the first ones to go there and shop and enjoy yourselves instead of going to Soweto Market to go and buy tomatoes.
Even for a shopping mall you have to use Chine contractors….instead of investing money in Agriculture everything is shopping malls.
Can the pspf give a breakdown on when it will get a return on this investment. What is the annual percentage return as opposed to other forms of investment. Having invested $72 million is there sufficient liquid funds to pay retirees immediately on there retirement.
Are the unjts in the mall being sold or leased . The mall will be fixed asset which will not be easily converted to cash should there be a demand on the fund. Hiw much of the $72 million is from the fund and how much is being borrowed and from who. What are the construction costs that are being paid to the chinese contractors.
Can the pspf supply answers for all readers please
There is road named after Alick Nkhata. When will honnor people like Efford Chabala, Timothy Mwitwa, Eston Mulenga, Isaac Mulinda, Musinje Mwale, Boxen Mwale etc. Let’s level the playing field.
Why only honour Bembas and easterners? Are there no other Zambians?
They should name some of these streets “mampi ” she loves Zambia plus she has a nice ass
the mall is a great idea, it will have a five star hotel as well as office complex and indeed shops. Agriculture cannot employ the same number of people. We have security companies, cleaning companies who will work there. We have students who graduate from Fairview who will work at the hotel and many other services. No wonder mushota sometimes laughs at us. This is infrastructure development we need than having bare land doing nothing or did you expect that land to have cabbages or maize ala.
Electricity Tariff will soon be cost reflective and these dumb foools are pouring money in shopping mall and hotels so they can spend their dirty money in there.
These goons think malls are synonmous with development, what misplaced ideologues. We have a bumper harvest but look a the price of mealmeal? 75% of our people cannot even afford to go and buy anything from these malls. When are we going to see PSpF inject part of the pensioners funds into agriculture activities that will benefit the masses? Let us fire these pillocks who only think about impressing Lungu and not their members.
Lusaka is rapidly being transformed into a mega mall.Every corner has a mall. 90% of the shops will be south african. The owners of these shops will bigger profits and will pay peanuts in taxes.They are the big winners.The Zambians will get the positions at the tills and the cleaning jobs with no way of escaping the poverty that drives them into these low end jobs. It’s all an Illusion of Progress. We need to see investments of the Dangote type. We need more manufacuring, more farms, more technology firms being established. That is real progress.
Another mall is not a bad idea at all. Zambia is under-developed in terms of infrastructure. The last 10 years has seen some modern buildings mushroom especially towards the eastern Lusaka. This will also reduce the movement of middle class Zambians flocking to SA following the same malls.
Retail shops run by foreigners and getting the little ngwees from that poor person going to resell bread on the street ati development. That’s no development but extortion. Are pensioners benefiting from Levy Mall? Tell us.
Sad thing is taxpayers/pensioners money is being used to pay a Chinese contractor. Don’t we have our own architects engineers and builder who can benefit from this US $72 million ? Politicians have found ways of stealing money using Chinese contractors. That mall will probably cost less than US $50 million.
Is it just me or the story doesn’t tell us where the mall is to be situated
If all investors went into agriculture who will sale the produce to you and I? Let’s support a wholistic approach to development. I am in South Africa and every area or residential suburb inland has a shopping mall or two. When I travel into the out lands or outskates I find farmers and other settlements. How do you expect a farm along Alick Nkhata road? Some of these arguments you guys in Zambia bring up makes a reader feel sorry for our beloved country. So you wanted PSPF to start a farming activity on that land along Alick Nkhata. Please
Nothing wrong with building a mall by the pension fund cos money remains in Zambia just as Levy mall which is owned by Napsa. What Zambians should be discussing is that Agricultural products which are Zambian must be well packaged and put on those malls…Warped thinking of expecting everyone to be working in offices and call it decent jobs has trapped Zambians from most opportunities…Even in developed countries working in malls etc are considered as employment what needs to be improved are good laws on conditions of service and inovations not always at Boma iyanganepo…
These names of freedom fighter should be stopped. Others are too new to know who Alick Nkhata was and why his name appear there. It is meaningless.
Isn’t that the whole point? Keeping the memory alive?
But you are comfortable with David Livingstone or malcom Moffat. …you *****
Shopping malls; how about industries if they have no jobs how do they buy.
What Zambia needs more are industries to empower people to buy.
Shopping malls are a joke with out power to buy.
This is the way to to go. Invest peoples’ money in real estate locally. The other day i heard a government official saying they intend to invest in real estate in other countries.
Kudos to you guys!
Zambia is surely developing into a big South African Shopping Mall. Soon the name of the country will be Zambia Mall.
There’s too much negativity in the comments section.Development comes slow and this building is in some way a step ahead towards development.We might be politically different but that does not mean that everything the govt does is useless and we just have to slum it in their face.lets show some love sometimes its not necessary to hate on the govt each time.ZAMBIA FORWARD…
The 300 Jobs They Are Talking About Are Things Like Waiters, Bar Men/women, Cashiers, Bakers,Shelves, Etc. Mrs Mwanakatwe Would You Love Your Daughter Or Son To Permanently Become A Waiter/ Waitress In That Same Hotel After Completing Their University? Certainly Not.
At That Particular Mega Mall And Hotel A Large Percentage Of Indegenous Zambias Will Never Even Step A Foot In Those Premises. Zambian Mentality Thinks a Shopping Mall Is Development. That Mall Will Only House RSA Chain Stores That Will Not Order Even A Grain Of Groundnut Or An Orange From Zambia To Sell In Their Shelves.
Our Farmers Are Complaining Of Poor Prices For The Crops On The Markets And Poor State Of Roads To Take Their Produce To Markets. Just Yesterday An Accident Happened On Great East Road Due To Poor Road That…
Just Yesterday A Traffic Accident Happened On Great East Road, Due To Poor State Of Roads That Need Proper Infrastructure And Urgent Attention. Why Diverting People’s Attention To Those Useless Malls, When Alot Of People Cannot Afford To Buy A 25kg Bag Of Pamela Due To Ever Increasing Mealie Meal Prices. Our People In Villages Need Proper Communication Networks, Hospitals, Schools, Etc. People Walk 20km To Access Basic Services. Why Is There So Much Retailing Rather Than Local Manufacturing? Various Mineral Deposits Are Rotting Pending To Be Mined, Extracted And Hence Processed Into Finished Goods And The Country Moves Forward. Infact All Those Works Can Be Done With Less Than US$ 50Million. But Am Sure The Rest Of The Money Will Go Into Pf Selfish Giants To Pump Their Port Bellies.
Marvellous! Will gentrify the areas around A.Nkhata Road.
Where is the mall?
The Chain Of Distribution In Zambia Is Incomplete. It Start From;
Wholeseller To Retailer To Consumer.
The Producer Is Missing In The Chain. Obviously He/She Is In South Africa Or China.
Our Towns Dont Even Have Markets Its Only Street Vendors Who Are Mostly Found In Our Streets. This Forces Motorists, Cyclists And Pedestrians To Compete For Space On Roads.
It Was More Appropriate To Use That Money To Build Modern Markets In Various Parts Of The Country To Regulate Street Vending. And Whatever Will Be Sold In Those Markets The Income Remains In Zambia. And Its Ours.
Ok If That Is The Case, Work Hard To Raise The Minimum Wage To K2000. So That Even If People Are Working In There They Can Feel Happy For Their Jobs.
we can’t even make a condom.Zambia has become south africas bitch…
And pensioners are NOT paid on time..because “there is no money”??