By STEVEN ZANDE –
THE Engineering Institution of Zambia (EIZ) recommended that the 20 per cent sub-contracting threshold for local contractors should be made law while a specialised commercial bank for construction sector should be established.
EIZ says to meaningfully benefit local contractors a law should be enacted on the 20 per cent sub-contracting policy while a specialised financial institution should be set up to finance Zambians-driven projects.
But the proposal to establish a construction bank has been rejected by the Bankers Association of Zambia (BAZ) which has suggested that efficiency should instead be enhanced.
The EIZ and BAZ made their submission to a Parliamentary committee in Lusaka yesterday.