Minister of Small and Medium Enterprise Development, Elias Mubanga, says government will continue to harness partnerships with the private sector in order to benefit small and medium enterprises (SMEs) in the country.

Mr Mubanga says partnerships with the private sector, especially those that boost the financial muscle of SMEs, is a backbone of economic development of the country.

She observes that the development of SMEs through private partnerships is key to the economic recovery of the country, adding it is also one of the sustainable ways of reducing poverty in the country.

He was speaking when he officiated at the celebration of Zambian Entrepreneurships and SMEs, a programme organised by Inde Credit in Lusaka.

Mr Mubanga has thanked Inde Credit for providing unique financing opportunities to Zambian SMEs as the effort helps to unlock and enhance the economic growth of enterprises in the country.

And Inde Credit Chief Executive Officer, Nicolas Megeles, said since his company was launched in 2016, over K1 billion has been disbursed to Zambian SMEs to empower them financially in their various business operations.

Mr Megeles said Inde Credit has empowered more than 400 SMEs and in turn created over 300 jobs in the country.

He pointed out that the Inde Credit is now working to reach out to micros business owners in order to give them access to financial opportunity so that they can unleash their full potential.

Meanwhile, Managing Partner for More Power Media, Leo Mutanga, thanked Inde Credit for providing an opportunity to SMEs to have access to finance, which he said has helped them grow their business.

Mr Mutanga also encouraged upcoming SMEs to look out for financial companies such as Inde Credit that are ready to financially assist them in order for them to address financial challenges in their day to day operations.

It is going to be risky for government to consider bringing back Vedanta to run Konkola Copper Mines (KCM) because rumours are swelling that the firm may be having financial challenges, Patriots for Economic Progress (PeP) president Sean Tembo has said.

Mr Tembo said that it was going to be suicide if government allowed Vedanta to return because the firm was facing a number of challenges and looking at the way it conducted itself the same would happen.

My plea is that government should not entertain the return of Vedanta because history is there for us to see, contractors were not paid plus other problems that were faced during its run at KCM,” he said.

Meanwhile, Anil Agarwal’s once-London-listed Vedanta Resources Limited has a pile of debt, including a $1 billion bond due January.

However, Vedanta Resources did manage to shed its net-debt burden from almost $10 billion in March last year to a little under $8 billion. With the listed unit declaring a dividend last month, its parent and majority shareholder is “highly likely” to meet its obligations until September 2023, according to S&P Global Inc. So far so good. But it was when Agarwal tried to secure the finances for $1.5 billion in loan and bond repayments between September this year and January 2024 that he hit a roadblock

What was supposed to be a quick dash to the ATM has become an uncertain enough adventure for Vedanta Resources bondholders to drive the price of the August 2024 note below 70 cents on the dollar. The next few weeks will be crucial for fundraising. If it fails, the issuer’s B- credit rating, already deep in the junk-bond category, could come under pressure, S&P said this month. Adani’s net debt pile of $24 billion may be three times as large as Agarwal’s, but his bonds are still rated at the lowest rung of investment grade.

What happened to get everyone worried was this: Hindustan Zinc Ltd., which Agarwal had started buying from the Indian government two decades ago in a privatization deal, has a cash pile, albeit much smaller than before, of $2 billion. Plus, the miner garners between $300 million and $600 million Ebitda (1) every quarter. So Vedanta Ltd., which now owns 65% of the firm, decided in January to offload THL Zinc Ltd. Mauritius to Hindustan Zinc. That cash deal, representing mining interests in South Africa and Namibia, was valued at roughly $3 billion in phases over 18 months. Since Vedanta Ltd. is 70% owned by Vedanta Resources, it would have taken care of the latter’s liquidity needs.

Except there was one problem. New Delhi, which still owns about 30% of Hindustan Zinc, balked at the transaction.

We would urge the company to explore other cashless methods for acquisition of these assets,” the Indian government said in a Feb. 17 letter, threatening to explore legal avenues if Hindustan Zinc still decided to go ahead with the purchase.

This presents two problems for the mining magnate. First, unless China’s economic revival turns things around, the post-pandemic era of supernormal commodity profits could be over. If Agarwal can’t take Hindustan Zinc’s cash all the way up to his privately held Vedanta Resources, his ability to pay down debt may be impaired, forcing him to borrow more. But with the Fed giving no indication that it’s done raising rates and existing Vedanta Resources bonds dropping in value, he might struggle to raise fresh money at a reasonable cost.

The Zambia Army Commander, Sitali Alibuzwi, will be inducted into the International Fellows Hall of Fame today, March 2, 2023 at Carlisle Barracks in Pennsylvania, United States of America.

Zambia Army Spokesperson Martin Liyungu said the International Fellows Hall of Fame ceremony is a prestigious event that is held every three years.

Col. Liyungu said the ceremony seeks to honour the United States of America Army War College graduates who have attained the highest positions in the country’s Defence Forces through military merit.

In a press statement issued to ZANIS in Lusaka today, Col. Liyungu noted that the Army Commander will be inducted together with Botswana Defence Force, Ground Force Commander Major General Joseph Seelo.

Col. Liyungu added that the Army Commander is also attending a one-week African Alumni Symposium at the US Army Heritage and Education Centre, where he is joined by former African War College graduates from 20 African nations and US military schools.

He said the symposium is a platform to discuss the development of the next generation of African leadership addressing violent extremism across the continent and building partner capacity to improve security and civilian protection.

And Commanding General of the United States Army’s Southern European Task Force Africa, Major General Todd Wasmund, officially opened the symposium and urged the attendants to take advantage of the opportunity to learn from one another’s approaches to similar challenges.

The United States Army War College prepares Senior Military Officers from all corners of the world for senior leadership assignments and responsibilities by providing graduate-level education.

Former Zambia Army Commander General Isaac Chisuzi (Rtd), Deputy Zambia Army Commander Major General Geoffrey Zyeele, Brigadier General James Mazimba (Rtd), Brigadier General Amos Zimba (Rtd), and Zambia’s Defence Adviser to Ethiopia, Brigadier General Musonda Nthenga, are also graduates of the war college.

Energy Regulation Board (ERB) has suspended retailing of petroleum products at Karan Meanwood Service Station in Chongwe District.

This follows suspected water contamination of petroleum products at the service station.

ERB Public Relations Manager, Namukolo Kasumpa has disclosed that the Board has since instituted investigation following complaints from customers who refueled from the retail site between 15th and 25th February 2023

Ms Kasumpa says the Board has directed the immediate suspension of all retailing of petroleum products at the site in question as the matter under investigation relates to the quality of products being sold to the public.

She explained that the directive has been made pursuant to section 4 of the Energy Regulation Act No. 12 of 2019, which mandates ERB to close any energy facility which poses safety and health concerns to the general public.

Ms Kasumpa added that ERB is expeditiously and diligently reviewing the investigation findings to establish the exact cause of the incidents in order to take appropriate action in line with the applicable licence conditions.

“It should be emphasised that if the licensee is found wanting, appropriate enforcement action would be taken as per the ERB enforcement manual,” she said.

Ms Kasumpa also reiterated ERB’s commitment to protecting consumers and ensuring that only quality energy products and services are sold to the public.

“Consumers play an important role in raising alarm on product quality concerns, and members of the public are encouraged to contact the ERB on the Toll-Free line No. 8484 whenever they are in doubt about the quality of petroleum products sold to them,” she said.

This is contained in a statement issued to the media in Lusaka yesterday by Ms Kasumpa