The Industrial Development Corporation has injected 684 million Kwacha into Nitrogen Chemicals of Zambia -NCZ- in Kafue.
IDC Chief Executive Officer Mateyo Kaluba says 638.4 million Kwacha is working capital support to produce fertiliser and 45.6 million Kwacha for the procurement of a fertiliser blending plant.
Mr. Kaluba says the injection will assist NCZ move to a self-sufficient status and effectively compete with the private sector in the supply of fertiliser and diversify its revenue.
He has expressed confidence that NCZ will in the next 3 to 4 years declare dividends.
Mr. Kaluba has also commended NCZ for reducing operating costs and recording a profit of 30.8 million Kwacha in 2020.
The IDC Chief Executive Officer said this when he visited NCZ in Kafue today.
And NCZ Board Chairperson Chitundu Kasase said the injection of the funds is an indication of confidence in the company.
Dr. Kasase said NCZ will ensure it responds to agriculture advancements in the sector and compete with the private sector.