29 shares transferred to IDC

0

 

Government has transferred 29 out of 33 shares in State Owned Enterprises from the Minister of Finance to the Industrial Development Corporation -IDC.

 

The Transfer follows instruction by President Edgar Lungu who is the chairman of the IDC.

The enterprises to be superintended and owned by the IDC are Afrox Zambia PLC, ESCO Limited, Indeni Petroleum Refinery, Indo Zambia Bank Limited, Kagem Mining Limited among other.

 

The Head of State says following the share transfer, all line ministries will now focus on policy making thereby giving IDC direct mandate and authorization on behalf of the Government to oversee performance and accountability of the state owned enterprise.

 

President Lungu says state owned enterprise will from 2016 onwards no longer receive funding from the National Budget and therefore reduce the burden on the treasury whilst freeing up the available scarce resources towards poverty alleviation programmes.

 

The President says the IDC will work to maximise the value of GRZ shareholding and ensure SOEs contribute to the Sovereign Wealth Fund , which will focus on stimulating investment in strategic non-mining industries and increasing exports

President Lungu reiterated Government’s commitment to industrialization and job creation in order to create a better Zambia for all.

 

Special Assistant to the President for Press and Public Relation Amos Chanda disclosed this in a statement to ZNBC News on Wednesday.

Meanwhile, the Industrial Development-Corporation -IDC and Cargil have partnered to set up mini mills in various areas of rural Zambia.

It is envisaged that the first milling plants will be ready by 2015/2016 harvest season.

The Cargill’s- IDC’s mini-mill project will also evaluate the viability of smaller commercial dry maize mills in Eastern and Northern Provinces.

 

It is antcipated that the project will complement efforts to increase milling capacity in the country as President Lungu has guided.

This came to light today in Chipata during the signing of the Memorandum of Understanding – MOU- between Cargill and IDC

The Signatories included Cargill-Zambia General Manager, Lezanne van Zyl and IDC Chief Executive Officer, Andrew Chipwende.

 

The two companies expressed interest in engaging into discussions and negotiations to set up mini mills in various areas of the country.

This is contained in a statement released to ZNBC news in Lusaka.

SHARE

NO COMMENTS

LEAVE A REPLY