|
World Bank disburses $100 million grant to support Zambia’s energy sector The World Bank Group has disbursed a grant worth US$100 million to support Zambia’s energy sector. This would be implemented under phase one of the Zambia National Energy Advancement and Transformation (NEAT) programme, covering the period 2023 to 2033. Finance and National Planning Minister, Dr Situmbeko Musokotwane, said the NEAT programme was designed to increase financial sustainability, operational reliability and resilience of the electricity sector in Zambia. The programme’s total resource envelope was said to be US$700 million for over a period of ten years, and the World Bank’s first energy project in Zambia since 2018. Musokotwane explained in a statement issued in Lusaka on Sunday that the NEAT programme would adopt a Multi-Phase Programmatic Approach (MPA) over a 10 year period from 2023 to 2033. Read more: Zambia Monitor
First Quantum Minerals (FQM) has raised about US$3.3 billion as part of a comprehensive refinancing package and a Copper pre-payment arrangement for its operations, Company officials say. FQM Chief Executive, Tristan Pascall, stated that part of the funds raised was meant to ensure continuation of the S3 expansion at Kansanshi mine in the face of disruption to its Cobre Panama mine in Panama. Pascal was on the ground at Kansanshi mine in Solwezi District of North Western Province to inspect the progress the company was making with its S3 expansion project. He said the mining firm had also extended its debt facilities through to mid-2027, providing the pathway to deliver on its commitment to Zambia with the S3 expansion. Read more: Zambia Monitor
The Zambia Revenue Authority-ZRA says is working with banks in its effort to curb tax evasion. ZRA Corporate Communications Manager Oliver Nzala says the Authority needs to collaborate with banks to curtail those that are in the habit of evading tax. He said the authority has also put in place reforms to embrace technology such as artificial Intelligence and trained its officers on proper use of technology to prevent tax evasion. Mr Nzala explained that this is meant to clean up all forms of leakages and collect the needed revenue . He said this in the wake of the Financial Intelligence Centre’s recent revelation that the country is losing revenue through tax evasion by some retail businesses and Mines who register wrong taxes. Read more: ZNBC
Tourism Minister Rodney Sikumba says Zambia is looking forward to expanding existing areas of development cooperation and trade with the Federal Republic of Germany. Mr Sikumba states that Zambia’s bilateral relations with Germany have remained steadfast despite changes in political leadership. He notes that Zambia values the longstanding friendship with Germany premised on shared values, mutual respect, and common aspirations at bilateral and multilateral levels. Mr Sikumba was speaking when he met the Minister of Economy, Tourism, Agriculture and Forestry of the German State of Saxony-Anhalt, Sven Schulze in Germany. He further said Zambia was ready to partner with Saxony-Anhalt in the tourism industry and leverage their robust tourism network and digital competence. Read more: ZNBC
|
