By KENNEDY MUPESENI – WORKERS Compensation Fund Control Board (WCFCB) has invested in the development of a hotel and housing units in Muchinga Province, in its quest to grow the compensation fund. So far the preferred bidder for consultancy and design of the two projects has been shortlisted and very soon the board will start asking for expression of interests from contractors. WCFCB director fund management Michelo Silungwe said the board would be making huge investments in property and real estate to grow the fund. “Last year WCFCB launched its five-year development plan whose focus is to make investments in redeveloping existing properties countrywide and green fields,” Ms Silungwe said. He said this in an interview during the just-ended Zambia International Trade Fair (ZITF) in Ndola. Ms Silungwe said the hotel and some housing units would be built in Chinsali, while more housing units would be developed in Mpika, Muchinga Province. She said Muchinga and Chinsali districts in particular were in need of accommodation hence the need to invest in real estate and hospitality industry. Ms Silungwe who could not disclose the actual amount of money to be invested in the Muchinga project for fear of jeopardising the bidding process, said with such investments the organisation would not be affected by economic shocks. “We are preparing ourselves to shield the company from economic shocks that might be as a result of company closures which might affect the fund’s liquidity,” she said. Ms Silungwe said the board had embarked on the robust redevelopment programme to add value to its existing properties. “The redevelopment of the existing properties will result in them gaining more value and compete effectively with the upcoming properties,” she said. Ms Silungwe said WCFCB was thinking of changing property use from residential to hospitality after assessment had been done all in an effort to raise more funds to increase capacity to refund any type of claim. Apart from developing housing units in Muchinga, the board had also acquired land in Kafue where more than 50 housing units would be developed. She added that with high yields in the Treasury Bills and bond markets, the board would continue participating in such markets to raise its investment portfolio.