NAPSA invests K21bn in economy

CLOSE to K21 billion has to date been invested in the local economy by the National Pension Scheme Authority (NAPSA) through various infrastructure investment projects across the country.

This investment is in the authority’s reserved fund through various development projects.

NAPSA director general, Yoland Kachinda, said the reserve fund which had since been invested in the local economy was meant to earn returns and assist in enhancing benefits for the authority’s members.

“We are currently holding a reserve of close to K21 billion and these funds are invested within Zambia, we do not have any foreign investments, and therefore we recognise that we have a huge role to play in infrastructure development in the country

Some of the areas that we have invested maybe indirectly through our participation in Government securities and bonds and treasury bills," Mr. Kachinda said.

He was speaking when he appeared before the parliamentary committee on transport, works and supply recently in Lusaka.

Mr. Kachinda explained that NAPSA had also invested in reals estates.

He also said the authority had invested in the banking sector with customers’ deposits currently standing close to 30 per cent of the reserve fund.

"Our objective is to grow member contributions and ensure reasonable returns in investment. When we give this support to the banks, the banks are able to own and lend to the business community to carry out various activities for job creation and infrastructure development," he said. Mr. Kachinda further added that in 2017, the scheme gave a K2.1 billion facility to National Road Agency (NRA).

He said this was aimed at financing the completion of the roads from Ndola to Solwezi as well as toll gates between Ndola and Kitwe, Kitwe and Chingola and Chingola and Solwezi

"This is a 10 year facility that we have structured with payments up to K21 billion," he said.