.LUNGU

By REBECCA MUSHOTA? –

PRESIDENT Edgar Lungu has directed ministers that more investments in water and sanitation must be channelled to rural areas in order to bring about equitable access to essential basic services.
Cabinet, therefore, yesterday approved the contraction of a low-interest concessional loan of $14 million from the Organisation of the Petroleum Exporting Countries (OPEC) to improve water and sanitation in 100 villages in all the 16 districts of Western Province.
The loan would attract an interest of 1.75 per cent.
The project would comprise the construction and rehabilitation of water and sanitation infrastructure to enhance hygiene and clean water supply, thereby improving the living conditions of the people of Western Province.
This is according to a statement issued by Special Assistant to the President for Press and Public Relations Amos Chanda yesterday.
Cabinet has also approved the appointment of members of the Judicial Service Commission in line with Article 123 (1) of the Constitution and the Service Commissions Act.
The appointment of the members would ensure the effective administration and performance of the functions of the Commission.
Justice Minister, Ngosa Simbyakula, would present names of the nominees to Parliament for ratification.
Cabinet also approved a Bill to repeal the Companies Act in order to strengthen corporate governance, align corporate law with relevant laws and national development aspirations including the promotion of foreign direct investment.
The new Companies Act which would be taken to the next sitting of Parliament would simplify the registration procedures and reduce the cost of forming a company in order to enhance economic empowerment of citizens’ policy and the development of micro, small and medium enterprises.
The new law would be aligned with other pieces of legislation that came into effect after the enactment of the Citizens’ Empowerment Act and the Zambia Development Agency Act, which are aimed at promoting greater citizen participation and promotion of foreign direct?investment.
The current 1994 Companies Act is no longer in tune with international best practices following the evolution of corporate law, which has placed a lot of emphasis on transparency and good corporate governance.
Cabinet has also approved the introduction of the Insolvency Bill 2015 which consolidates individual and corporate insolvency into one law, to provide for personal bankruptcy, insolvency and receivership, thereby strengthening the obligations and duties of Insolvency Practitioners.
The establishment of the Bilateral Treaty to establish the Malawi-Zambia Trans-frontier Conservation Area to enhance the management and conservation of wildlife and other natural resources across the international boundaries was also approved by Cabinet.
The President also briefed Cabinet on the Summit of the African Union Committee of Ten (C-10) on the Reform of the United Nations Security Council which Zambia will host from 8th -10 th May, 2015.