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.