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President Lungu Guides Industrial Development Corporation

LUSAKA (TUESDAY, September 9, 2015) –Government has executed the transfer of shares in 29 out of 33 State Owned Enterprises (SOEs) from the Minister of Finance to the Industrial Development Corporation (IDC).

The Transfer follows the instruction by His Excellency, Mr.Edgar Chagwa Lungu, President of the Republic of Zambia 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, Kariba Minerals Limited, Lusaka South Multi Facility Economic Zone Limited, Lusaka Trust Hospital, Medical Stores Limited.

Others are Mpulungu Harbour Limited, Mukuba Hotel Limited, Mulungushi Village Limited, Mupepetwe Development Company, Nanga Farms PLC, Nitrogen Chemicals of Zambia Limited, Zambia Daily Mail, ZESCO Limited, ZAMTEL Limited, ZAFFICO Limited, Zambia International Trade Fair Limited, Zambia Printing Company Limited, Zambia Educational Publishing House, Zambia China Mulungushi Joint Venture, Zamcapital Enterprises Limited, Zambia Railways Limited, Times Printpak Zambia, ZSIC Group Limited, ZANACO PLC and ZCCM-IH PLC.

The transfers are yet to be completed for MOFED London, MOFED Tanzania, Mulungushi International Conference Limited and NIEC Business School Trust.

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 of the Republic of Zambia to oversee performance and accountability of these SOEs.  IDC’s oversight responsibilities include all aspects of governance, commercial, financing, operational and all matters incidental to the interests of the State as shareholder.

President Lungu says these SOEs 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.

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

“The IDC is a tool to enhance domestic capital formation, wealth creation and preservation by focusing on exploiting our country’s advantages in natural resources and actively developing industries and enterprises to create jobs for our people.”

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


Issued by:

Amos Chanda