Mr. Chikwanda

By MAIMBOLWA MULIKELELA

FINANCE Minister Alexander Chikwanda has said funds are readily available under the Privatisation Trust Fund for the establishment of the Industrial Development Corporation (IDC).

Mr Chikwanda said once the IDC was incorporated, resources would be made available for its establishment.

The minister said funds were available for such a venture from the Privatisation Act Cap 386 of the Laws of Zambia under Section 39.

“There is no problem in funding the IDC once it is incorporated, the funds will be made available for its establishment and I am aware there is no budget line for it, but we can fund it under the Privatisation Revenue Account,” Mr Chikwanda said.

“If we decided to go to Parliament to put up a statute to set up a sovereignty fund, we would use part of the proceeds from the Privatisation Revenue Account for the initial capital because the sovereignty fund is our legacy to prosperity.”

Recently, Commerce, Trade and Industry Minister Emmanuel Chenda said the Government would inject an initial capital of K10 million into the IDC.

Mr Chenda said the IDC would have an initial start-up capital of K10 million.

The IDC would be a tool for modernisation and diversification of the economy in order to create jobs, wealth and prosperity for the Zambians.

The State would through the IDC maximise the value of Government assets by establishing a sovereign wealth fund which would focus on stimulating investment in strategic non-mining industries, among others, thereby expanding the country’s investment portfolio and thus creating jobs.