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Tuesday, July 7, 2020

NAPSA signs deal to fund road works on the copperbelt

Economy NAPSA signs deal to fund road works on the copperbelt

Contractor China Jiangxi working on the Kitwe-Ndola dual carriageway.
THE National Pensions Scheme Authority (NAPSA) has signed an agreement with the National Road Fund Agency (NRFA) to finance the ongoing road works on the Ndola-Solwezi road to a tune of K2.1 million.

NAPSA director of projects Phillip Muyumbana said in an interview at the on-going Zambia International Trade Fair (ZITF) in Ndola that the pension authority will finance the works on the Ndola-Kitwe dual carriage way, Kitwe-Chingola dual carriage way and the Chingola-Solwezi road.

“The National Road Fund Agency had approached us for possible financing of the road works on the Ndola-Solwezi road. We have signed the agreement and we shall finance this road project,” Mr Muyumbana said.

He said NAPSA will finance all the road works including the mounting of toll gates on the respective roads.

Mr Muyumbana said NRFA will repay the K2.1 million through the resources that will be collected from toll fees on the respective roads.

He said NAPSA’s decision to finance the road projects demonstrates the importance it attaches to issues of economic development.

Mr Muyumbana said its decision to finance the road project is another way of broadening its source of contributions as people that will be working on the road projects and in the toll gates will be contributing to the pension scheme.

And Mr Muyumbana said the works on the Edgar Chagwa Lungu Mall in Kitwe are progressing well and have reached an advanced stage.

He said the works are at 25 percent and that the project has contributed greatly to employment creation.

Mr Muyumbana said NAPSA also has plans to build a multi-purpose shopping mall in Petauke in Eastern Province that will help to boost economic activities in the town.

“We are not focusing only on the big towns but also on the small ones when it comes to the construction of shopping malls,” he said.

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    • Mistake. It should be K2.1billion. That amount can not even mobilize a contractor building a single Toll Gate

    • PF you eli leave citizens with kaloba and not with the pension fund defaced. Zambians what is going on?

  1. Is it within the mandate of NAPSA to be funding road projects? Why is NAPSA using worker’s contributions to fund road projects? Who gives NAPSA the authority to be funding road projects?

  2. Now every intercity road will be turned into a toll road…where on the Ndola-Solwezi road are you going to incorporate toll? Zambians wake up from your docility you are paying twice for these roads…these people are fleecing you!!

    • You can’t pay taxes and toll fees. That’s robbery because you have alreDy paid for the road and it’s maintenance via tax.
      Where you have toll fees you must have an alternative for those who don’t want to use tolled roads
      Where are our lawyers? Challenge these things you selfish bastards. Such cases must be brought pro bono

  3. What is the cost to the taxpayer?
    How transparent are the tollgate accounts?
    Is this NAPSA lending within the ratios allowable for investment by pension fund regulators?

  4. Here in India, there is an alternative toll-free road for each tolled road. People have a choice

  5. What is the investment return to napsa on the loan to government. Interest at what percent over how many years. Statement says the 2.1 million will be repayed from too gates, no mention of interest. Something is not right here.
    Again money from toll gates, cash, how accountable is that.

  6. We HEARD BEFORE THAT FUNDS HAD BEEN ALLOCATED FOR THESE ROADS FROM THE NATIONAL BUDGET so WHERE HAS IT GONE for NRFA to start raiding poor people’s funds at NAPSA?? In fact the scale of these roadworks need RDA involvements, they were the ones running these uncompleted projects. Where have they gone?? And then this “And Mr Muyumbana said the works on the Edgar Chagwa Lungu Mall in Kitwe are progressing well and have reached an advanced stage” – What has Edgar so far achieved to have Malls named after him?? SATA CAN EVEN DESERVE SOMETHING FOR HAVING UNSEATED MMD AT THE TIME IT WAS BECOMING A LIABILITY TO THE COUNTRY!! Lungu has yet to achieve something big to deserve to have something big named after him!!

  7. Ecl constantly needs reassurance thru recognition. He does care where the recognition comes from as long as his ego is puffed by having plaques with his name on them

  8. @3.1 and 5, you are right. But there are alternatives provided, there are bush paths for penniless cadres and proflight and mahogany air for the more affluent UPNDonkeys like Gary Nkombo and Steven Katuka and Nalumango.
    Better still, UPNDonkeys can build their own alternative roads funded by U5, if the defence lawyers have not already looted his money looking at the myriad of ingeneous legal challenges mooted to fleece the unsuspecting hallucinating U5 donkey.

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