LCC to acquire US$500 million for constructing 3,500 houses

The Lusaka City Council (LCC) is to acquire a US$ 500 million municipal bond for financing the construction of 3,500 housing units in the seven constituencies of the city of Lusaka.

The council plans to source the municipal bond from within and outside the country.

This development was unveiled today during a special council meeting where counselors adopted minutes of the report of the joint financing, human resource and general purposes and estates committee on the acquisition of bond.

Deputy Minister of Finance Miles Sampa, who is also a member of the Lusaka City Council, has since warned the council finance committee responsible for the bond against engaging fake consultants who will present themselves once they hear about the availability of the funds.

Contributing to the debate, Mr. Sampa said the council should ensure that the municipal bond was carefully handled.

He said the committees responsible for the works should immediately identify where the 3,500 houses will be built in order to avoid a scenario similar to that of Zambia Railways where he said the board received Eurobond funds without having plans on how to use them.

Mr. Sampa, who has since been co-opted into the joint finance, human resource and general purposes and plans, works, development and real estate committee, disclosed that he has learnt lessons from the Eurobond which the country received.

And Mayor of Lusaka Daniel Chisenga explained that advertisements for companies to provide legal services on the bond and advice on financing aspect concerning municipal bonds have already been placed in the media for one month.

The council also tabled the issue of twinning the city of Lusaka with other cities in other countries such as the city of Tswhane of South Africa and Incheon Metropolitan of the Republic of Korea.

He explained that twinning will help the city of Lusaka to learn new ways of managing the affairs of the city from other cities.

He quickly pointed out that his city will review the past twining it had made with others cities and unsubscribe if there has been no benefit accruing for Lusaka.