IDC Group Chief Executive Officer Mr Mateyo Kaluba, says despite many questioning the possibility of palms growing on this part of the continent due to climatic conditions, and hence IDC’s investment, the successes being recorded at the ZamPalm plantation have proven that it is indeed possible.

Speaking at the launch of the ZamPalm out grower scheme project on Thursday, Mr Kaluba said the IDC has so far invested K2.7 million to enable the out-grower scheme take-off, with 137 smallholder farmers having cultivated 80 hectares.

The out grower scheme is a US$ 28 million investment to be disbursed over the next four years.

He said IDC is investing an additional US$ 5 million in ZamPalm to expand the capacity of the mill to handle output coming from the out grower scheme.

Mr Kaluba said it is estimated that annual consumption of crude edible oil stands at 120,000 tonnes, with only 30,000 tonnes being supplied locally, while the rest is imported, amounting to US$ 70 million per year.

He said this is what the project would change, with benefits being passed on to consumers.

“Zambia will soon change from a net importer to a net exporter of crude edible oil. We will change lives in Muchinga province and beyond, one palm tree at a time,” he said.

At the same occasion, Minister of Agriculture Mr Michael Katambo said the project is a true reflection of Government’s commitment to the economic diversification agenda.

Mr Katambo said the project would not only create jobs but would eradicate poverty and make a significant contribution to the GDP.

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4 COMMENTS

  1. But if it is successful why did Zambeef sell it? This project should have been set up in Luapula, Bangweulu swamp area even around the shores of Mweru but outside Wantipa Game reserve. That whole area has suffered from serious neglect. But rather it was set in Mpika district because of closeness to the Great North road even though it is not as better suited compared to the swampy areas of Luapula.

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    • This whole thing is a scam and that is why this man is not making mention of any revenues and profits to be expected of this project …IDC bought this from Zambeef at $16 million and was simply a deal bena Lungu have benefited from when GRZ is divesting from private sector participation they somewhat bought this company ??? The guy in IDC who opposed this investment was unfairly dismissed and now took the matter to court for unfair dismissal …take time to read his case verbatim and you will get details of this Scam

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    • Exactly my concern. How would a private company sell off such a business venture if it is really profitable? Doesn’t make sense at all. As a matter of fact these palm oil plantations have not been doing well due to the cool Mpika weather hence the decision by Zambeef to find a buyer to offload this burden.

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  2. AS Some one has stated above , no mention of revenues ????

    Without the numbers that count , Mo one should believe this

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