ZAMBIA will receive a US$125 million grant from the World Bank after its executive board of directors approved the amount aimed at helping the country restore macroeconomic stability and debt sustainability.
In a statement, World Bank country manager for Zambia Achim Fock said the latest approval builds on the success of the first Development Policy Financing (DPF) that was approved in October last year.
He said It is part of the World Bank’s multi-sectoral support to help Zambia emerge from the debt crisis and shift to a more sustainable and inclusive economic growth path.
“The second DPF demonstrates our commitment to supporting Zambia’s efforts to emerge from the debt crisis and achieve a more sustainable and inclusive economic growth path. Through our multi-sectoral support, we aim to create opportunities for robust growth, strengthen the credibility of the public sector, and improve the poverty impact,“ said Mr Fock.
He said the operation is underpinned by significant debt reduction consistent with the joint IMF-WB Debt Sustainability Analysis and steps the Government of the Republic of Zambia is taking to restructure its external debts.
Mr Fock said the program development objectives will be achieved through reforms aimed at restoring fiscal and debt sustainability and increasing farmer productivity and access to agricultural markets among others.
He said the operation is part of coordinated support with Zambia’s development partners to promote critical structural reforms.
(Mwebantu, Saturday, 23rd December, 2023)
ACC nab senior accountant, businessman
A LUSAKA based senior accountant has been arrested by the Anti-Corruption Commission (ACC) alongside a business man for possession of property suspected to be proceeds of crime.
Kasemuka Chiteta, a senior accountant stationed at police headquarters has since been charged with one count of possession of property suspected of being proceeds of crime.
ACC head of corporate communications Timothy Moono said in a statement that Kasemuka Chiteta on dates unknown but between 7th April, 2023 and 12th February 2024 in Lusaka District, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under the ownership of Chimuka Chibawe a Lusaka based businessman.
“In a similar development, the ACC has arrested and charged a Lusaka based businessman, Chimuka Chibawe of plot No. 136 C Kalomo road Chilenje” Mr Moono said.
He said Mr Chibawe has been charged with one count of Possession of Property Suspected of Being Proceeds of Crime contrary to Section 71 (1) of the Forfeiture of Proceeds of Crime Act No. 19 of 2010.
“Details of the offence are that, Chimuka Chibawe on dates unknown but between 7th April, 2023 and 12thFebruary 2024 in Lusaka, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under his names when the beneficial owner is Mr. Kasemuka Chiteta a Senior Accountant at Police Service Headquarters,” he said.
The pair has since been released on bond pending court appearance.
(Mwebantu, Thursday, 29th February, 2024)
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Delta Mines acquires 51% stake in Mopani Copper Mines in $1.1 billion deal.
DELTA Mines Plc, has concluded the acquisition of 51% shareholding in Mopani Copper Mines (MCM) translating into a US$1.1 billion investment into the mine.
In a statement, ZCCM-IH Corporate Affairs Manager Loisa Mbatha said ZCCM-IH will retain 49% shares in Mopani, with 3 out of 9 board seats while Delta will have 5 and government one seat
She said the approval was made during a Shareholder’s Extraordinary General Meeting (EGM) held in Lusaka last week.
“ZCCM Investments Holdings Plc (ZCCM-IH) shareholders have unanimously approved the Mopani Copper Mines Plc (Mapani) transaction where Delta Mining Limited (Delta), a subsidiary of International Resource Holdings (IRH), has agreed to acquire a 51% shareholding in Mopani for a total investment of up to US$1.1 billion,”she said.
ZCCM-IH Board Chairperson Kakenenwa Muyangwa said the transaction is a landmark achievement that delivers significant value to ZCCM-H, Mopani, and the Zambian people.
“It’s pleasing to note that IRH has committed to retain Zambian workers, including the management team, who will be complimented by new skills and expertise from Delta to facilitate the expansion of MCM production to 200, 000 tonnes per annum”, said Mr Muyangwa.
ZCCM-IH Board Director Phillippe Taussac who represents minority shareholders said that “the extinguishing of the Mopani $1.5billion debt that ZCCM-IH had guaranteed, will certainly lead to significantly improved financial performance for all ZCCM-H’s shareholders.
(Mwebantu, Tuesday, 27th February, 2024)