Zambia Development Agency Seeks Investors Amidst Debt Crisis

The Zambia Development Agency (ZDA) has outlined plans to develop a modern mango processing factory and has invited investors from the private sector to consider the development.

The ZDA hopes for the plant to produce 30,000 tonnes of mango pulp and 5,000 tonnes of dried mango each year. To operationalise the project, $5million is required.

If investors wish to join the project, the ZDA has said that they will be expected to meet all project costs which will cover work to be carried out over a period of 12 months, by which point the project is expected to be finished.

The Agency interestingly is part of the Ministry of Trade Commerce and Industry, a government body. Although the investment would not be required to be repaid by the government, it may be seen as overly ambitious of the Patriotic Front to ask corporates to invest in a country which is riddled with corruption, seen clearly in the mismanaged mountain of debt which the government have obtained.

The project also has no guaranteed returns, as aforementioned government corruption remains rampant, it is likely that investors will ask themselves how their investment will be excluded from these unlawful practices.

Subsequently, it is likely that many investors, especially from the West, will steer clear of this ‘opportunity’.