FINANCE Minister Alexander Chikwanda has said funds are readily available under the Privatisation Trust Fund for the establishment of the Industrial Development Corporation (IDC).
Mr Chikwanda said once the IDC was incorporated, resources would be made available for its establishment.
The minister said funds were available for such kind of venture from the Privatisation Act Cap 386 of the Laws of Zambia under Section 39.
“There is no problem in funding the IDC once it is incorporated, the funds will be made available for its establishment and I am aware there is no Budget line for it, but we can fund it under the Privatisation Revenue Account,” Mr Chikwanda said.
“If we decided to go to Parliament to put up a statute to set up a sovereignty fund, we would use part of the proceeds from the Privatisation Revenue Account for the initial capital because the sovereignty fund is our legacy to prosperity.”
Recently, Commerce, Trade and Industry Minister Emmanuel Chenda said the Government would inject an initial capital of K10 million into the IDC.
[pullquote]“There is no problem in funding the IDC once it is incorporated, the funds will be made available for its establishment and I am aware there is no Budget line for it, but we can fund it under the Privatisation Revenue Account,” Mr Chikwanda said.[/pullquote]
Mr Chenda said the IDC would have an initial start-up capital of K10 million.
The IDC would be a tool for the modernisation and diversification of the economy in order to create jobs, wealth and prosperity for the Zambian people.
The State would through the IDC maximise the value of Government assets by establishing a sovereign wealth fund which would focus on stimulating investment in strategic non-mining industries, among others, thereby expanding the country’s investment portfolio and thus creating jobs.
And the Zambia Development Agency (ZDA) has said that the privatisation revenue account which is held at the Ministry of Finance is sufficiently funded to support the creation of the Industrial Development Corporation (IDC).
ZDA director for investments Florence Mumba, however, could not give more details on the fund as it is managed and controlled by the Ministry of Finance.
“That account is at the Ministry of Finance. As ZDA, we do not control it. Whatever money we raise from privatisation is channelled directly to the fund,” she said.
Mrs Mumba was speaking in an interview in Lusaka yesterday.
Industrial development is a matter better left to the private sector.GRZ doesn’t have the expertise,the discipline and the financial acumen of the private sector to succeed.
I disagree with my tribal mate.
Zambia has expertises, but the problem is the governance and political interference.
How do you expect a well experience professional to headed by the Political President who has a shared interest?
If their want money for bye elections, thus it.
Another useless scheme by Party of F.ools to bankrupt the country
10 million Kwacha…….. which is only 2 million Dollars at best…….. thats not enough to get one project off the ground…….. are these guys for real??
Those of you on face book with Sata please ask him why there is a stand off between him and Chanda Sosala. The Lubemba need answers urgently.
The guy is announcing that the MONEY IS NOW READY TO BE STOLEN BY PF!!
The IDC is a misconceived concept.We have already in place ZDA,DBZ and CEEC which if sufficiently empowered with funding can do all the things PF wants to be carried out under IDC.Why should we waste precious K10Million in setting up IDC when this same money can directly be channeled for immediate empowerment of individuals.Please PF listen to wisdom.
IDC creation ,my foot !Not under the watch thieves like Sata..na and his so called uncle Chikwanda.These people are up to no good but bleed the country the last cent.Tribalists and foo.ls who have passed their user by dates.Zambians do not be deceived by these visionless thu..gs,this will be another Ichalo Lilando whatever that conduit for plunder is called.Wake up 2016 is too for the damage they will cause to repair.
Basically, the IDC has projected K10m domestic start-upcapitalization and will then get loans from the Far East or otherwise for over K100m sugar-coated as technology acquisitions etc. Atleast not less than 30% of this K10m is going to be paid to the Consultant firms including Legal firms involved in the formation of IDC.
Let’s do this … Go!!
@rb mumba,I didn’t see any comment from u on the auditor general report,you are slowly drifting from all the knowledge you gained in Texas,for the sake of tribe.
Whatever! kuya bebele!
Ba Mumba lets go where? This is another vehicle for draining our hard earned resources which we are supposed to invest properly. When rebasing of the Kwacha was announced, some minister of commerce then Bob Sichinga said the Kwacha will go back to the way it was in1965! These people are thinking in reverse, all they know is what it was then is what it will be NO NO NO. At the moment the manifesto of PF clearly states that any public or parastatal institution shall be headed by a PF cadre. This is the point of failure and we are seeing it. Just analyse the Auditor General report, it will show you the direction which this so called INDECO will lead us. Already there is a company called “Ilunda Chalo” which you have to compete with to supply goods and services and u know which coy will be…
@ BR MUMBA
You are just another Tribalist Bemba PF Cadre.
Just last week, you posted a comment that MMD took us 40yrs back. How could MMD have taken the country back 40yrs when they came to power?
40yrs back from 1990 was 1950 and Zambia was still in the dark and run by Colonial masters.
MMD brought us Multi-Party Democracy and Free Market Economy. Sata is a product of MMD. If Chiluba had handed him power to as presumed, they would be no PF today.
Ba Mumba please surely even you can see through this ponzi scheme!!
Zambia is in severe economic problems under these PF thu-gs. By the time they leave office, nothing shall left of this country in the coffers. They thought governing a country is like ”ukukole fishimu” collecting caterpillars from the forest. What direction is Zambia heading to now with these visionless thu-gs? I mourn for this country especially that it’ s being run by people who are full of garbage in their heads.
Chic chic chic, chic chic chic and chic-chic-chic.
YOU ARE INDEED A GOVERNMENT OF THE PEOPLE WITH PEOPLES WELL-BEING. PLEASE GO AHEAD AND FLOAT IDC SHARES ON LuSE. WE SHALL PARTICIPATE.
That would be the best move,but that’s not pf leadership ‘s intensions.kambwili gave money to 41 youths groups who didn’t qualify for such funds.( auditor general report)
Luapula Premier – Looks like you misunderstand the idea behind the IDC. It will be a government-owned (not PLC) holding company for existing and new parastatals.
THE WAY HE BENDS HIS NECK AS IF HE IS SIGNING ANOTHER KALOBA
This is another way they will use to steal money for themselves and their relatives
The auditor general report clearly indicate k554 million unvouchered expenditures and the report said this was/is a way of concealing wrong doing.the IMF recently raised warning that Zambia ‘s debt could rise by 50%($8.7 billion)by 2018.the two reports clearly warns us that the IDC program will be another scheme of concealing wrong doing (theft) by pf.sata doesn’t care because his conscience tells him that he will not be their in the near future,only those still alive will face the wrath.politicians should think what they should do for the country but most of our leaders ‘s mentality is what Zambia should /how they be rewarded.
We already know that CEO and most directors will be Bemba.
What does that matter if he is qualified and can bring profits to the table? After all he is as black as you are, what has the language he speaks got to do with it? You see he is just as human as you are. You are the people who make me worried, have you seen the videos from Syria, Central African republic and south Sudan lately?Thats how they started just like you, these few words you have typed can tell how big a Vocalno is in your heart, please change we are all human beings ok?
Umutonga nioshupa. lnsulting the State President will not win you votes. You are actually disadvantaging your preferred candidate who is a real thief.
“I am aware there is no Budget line for it,” Mr Chikwanda said.
Great….. yet more “splendid” financial management?
Reading most of the comments here makes someone think that Zambia is in a crisis. I’ve read each and every comment and non of those opposing are offering any alternative solutions. I’m beginning to think that you’re all a bunch of bitter losers. Get a life, with or without you Zambia is moving forward and it will be up to the people to decide whether to re-elect PF or not. Mind you I believe this government means well for a common Zambian and by 2016 we will see more development than we have seen in the 20 years the MMD was in power.
All autocratic characters behave the same. They tend to create power bases mainly for their own selfish interests. The IDC is basically born out of that mindset. I could be wrong but my experience is that these things tend to siphon the meager tax payer’s resources into loss making ventures such as parastatals. We need a very strong economy to support such ventures while at the same time provide for well being of the poorest of the poor in our society. In short I do not think this current crop of SATA leadership have the capacity and intellect to navigate IDC into a viable business venture that would cread the real sustainable jobs. In the short term yes it might appear like that but sustainability? HH please come and clean this potential mess.
All autocratic characters behave the same. They tend to create power bases mainly for their own selfish interests. The IDC is basically born out of that mindset. I could be wrong but my experience is that these things tend to siphon the meager tax payer’s resources into loss making ventures such as parastatals. We need a very strong economy to support such ventures while at the same time provide for well being of the poorest of the poor in our society. In short I do not think this current crop of SATA leadership have the capacity and intellect to navigate IDC into a viable business venture that would create real sustainable jobs. In the short term yes it might appear like that but sustainability? HH please come and clean this potential mess.
Away from politics…………… Isidingo Star Lesego Motsepe Commonly Known as Letti Dies
LettiSouth African actress Lesego Motsepe, best known for her role as Letti Matabane on the SABC 3 soapie ‘Isidingo’ has died.
Thirty nine-year-old Motsepe was found dead in her home in Randburg, Johannesburg, earlier on Monday. She died of natural causes. The actress, poet and storyteller had courageously made a public announcement of her HIV status in 2011 on World AIDS Day to fight the stigma against people living with the disease.
She conducted several workshops on the importance of staying positive and worked as an AIDS ambassador. Spokesperson for the family JJ Tabane says news of Motsepe’s death has come as a shock.
“So far it has been really about shock and disbelief because…
cnt… she has been well. She has taken good care of herself and there was no reason for us to be concerned. She has been on the road inspiring young people, inspiring young people about the message of hope, living positively, knowing HIV is not a death sentence.”
Lesego shares her story with Dr Michael Mol on the Hello Doctor Show on SABC 2 and together they discuss the importance of de-stigmatising HIV and knowing your status.
What can 10 million Kwacha do?? Its not even enough to pay consultants who will come up with business plans. This is try and error type of arrangement because it has come as an after thought. I am sure there is not concept papers on how IDC will be managed and run. Everyone is supporting it coz plot one has said so. These are the results of getting into GOVT based on lies and no clear agenda.
Just enough emoluments for the CEO and his personal assistant. Clearly an afterthought.
They just want to create jobs for their tribesmen.
I concur with mr. thomas phiri. Who ever is reading most of the comments out side the country would think and conclude that Zambia is in a crisis. Let us be objective in all our comments. Let us all wait for the much talked about 2016 and see the real picture on the ground. The only problem i have observed is lack of which media’s reporting one should follow. What is the role of PAZA? We are fed up with these very poor reporting from all media houses.
misplaced priorities..eish..
It seems to me like this will be an avenue used to siphon money.
But I stand to be corrected.
#OneZambia
Jacob Lushinga will head the IDC he is a well qualified economist and has been the brains behind ventures such as ZIC, DBZ and a long time with Central Bank. Infact calls where made for him to be appointed DG OPs at Central Bank given his wide and diverse knowledge of the operations of the Bank given Mulombwa was retired and the other candidate Mwanakatwe was trained in Italy.
Who is going to chair the Board of Directors? We were told the President will chair, already corporate governance become questionable.
Where will PF get the money since the K10 million is money which MMD left for the sale of ZAMTEL.
IDC my foot. And all those who are praising PF for this retrogressive idea I say to you; stop pretending even when you know this whole nonsense will not work. Sata has already declared his intention to be the chairman of the board. This already tells you that this thing will not go anywhere. We are drifting back to the dark days of Kaunda. No wonder Sata and Kaunda are always together. These two old men don’t love Zambia but just themselves because if they did, they would look at the failures of the old INDECO and never to take that path again. But look at them; just a team of brainless selfish old men who are bent on destroying the country for their own selfish interests. Zambia is for Zambians and we expect Sata to listen to the people’s concerns if indeed he is a true leader. Idio.t
@ BR MUMBA – You are just another Tribalist Bemba PF Cadre.
Just last week, you posted a comment that MMD took us 40yrs back. How could MMD have taken the country back 40yrs when they came to power?
40yrs back from 1990 was 1950 and Zambia was still in the dark and run by Colonial masters. MMD brought us Multi-Party Democracy and Free Market Economy. Sata is a product of MMD. If Chiluba had handed him power to as presumed, they would be no PF today.
Hamukale lectures UPND on leadership and terms their rotational republican presidency proposal utter rubbish
January 21, 2014 | Filed under: Breaking News | Posted by: ZIN
It is not true that Zambia has had presidents from one province. It is common knowledge that Presidents Kenneth Kaunda (Tumbuka), Rupiah Banda (Chewa/Ngoni), Levy Mwanawasa (Lenje/Lamba), Michael Sata (Bisa) and Fredrick Chiluba are all from different ethnic groups. If Comrade Lifwekeleo is Zambian, he will agree with this truth.
There is no universal definition for leadership but we can define leadership as an influence relationship amongst leaders and followers who intend real changes and outcomes that reflect their shared purpose. Management, on the other hand, is the attainment of organizational goals in…
In Western, Southern and N/Western most people saw KK as bemba. Even now ordinary people (the voters) still see him as bemba from Chinsali. Yet they supported him until 1991.
It was said, “Dont Kubeba” do you expect to be told the secret, niziiii and mukalibe!
Fossil Chikwanda is clearly deluded, the blame for the rot at the heart of our country’s public financial management lies squarely on this old man’s door step and he wants to waste some more of our money on a dreamed out in a cabinet meeting of empty tins without expert oversight.
*….on a project dreamed out ….
That is what happens when you exhume leaders from the archive the bring back archive concepts when the world has moved on. Dream on ba minister.
Good evening
Give Br Mumba a break. Yes we can do this, in fact we shall do it, so let’s go!
There is no height to which we cannot climb by using the active intelligence of our own minds. If you cannot work and fight for your country’s development, if you don’t create your own industries, who will do it for you?
Ma useless Bemba leader!
There is no money for the referundum, according to, of all people, Dr Msiska, Secretary to the Cabinet. Is it because the Executive has not prioritised it? Of course, yes.
This Chikwanda guy is CRAZZZYYYY!
Chikwanda please spare us! If we have such money to waste why do you keep contracting debts every month? Is this a political or economic decision? if its an economic one then the Economics you studied is obsolete. Please get that money go and construct KAOMA – LUKULU ROAD.
Not everything the PF govt does is wrong or corrupt. In the 1950s South Korea was the poorest country on earth with a high mortality rate. In the early seventies the country mobilised resources and borrowed the remainder to invest in companies like samsung, goldstar, hyundai etc. Zambia government must for starters respect its human resources if that IDC will succeed. Trumped up charges against Zambia’s best brains (Professor Chirwa) must be dropped and his plans at ZR implemented. Nurses at UTH must be recalled unconditionally. Zambia professionals in the diaspora have a skill set the country can utilise. Please think before you insult professionals in the diaspora.
so there are no better things to do with this money than paying it out to some party cadre and relatives as salaries and allowances.the economy being fossilized slowly but surely.
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