ZAMBIA BENEFITS FROM AFRICA’S $1.5M GRANT Thursday 6 12 March, 2020 BoZ maintains 8.5 p.c. rate

ZAMBIAwill be among other African countries to benefit from the US$1.5 million grant funding opportunity intended to boost entrepreneurship across the continent.

Jack Ma Foundation announced the third edition of its annual grant funding of US$1.5 million for African entrepreneurs and business owners.

Africa’s Business Heroes (ABH) prize competition head of partnership and programmes Zahra Baitie- Boateng said the funding opportunity was opened to all 54 African countries including Zambia.

In response to a press query, Ms Baitie-Boateng explained that ABH prize competition was the flagship philanthropic programme of the Jack Ma Foundation spotlighting and celebrating Africa’s entrepreneurial talent.

“Every year, we select ten brilliant finalists who will pitch their business ventures at the grand finale, for a chance to win a share of the

MFEZ industrial

“While inflation is projected to remain above the up

BANKING on copper inper bound of the six to eight

yards on course

duced confidence and an percent target range over

inflation ebb, the Bank of the next eight quarters, in

Zambia (BoZ) has held its flationary pressures are now

benchmark interest rate at expected to subside more

8.5 percent. quickly than envisaged yards in in the LS-

This has been driven the February Monetary Works Poliare going mainly by rising copper pricand the contractor es, improved investor flows on site. especially in Government se“Once that curities market which would done, we will shape inflation trajectory to see SMEs over the next eight quarters. the zone and

The Bank of Zambia (BoZ) from there,” Mr has however indicated that it said. will tighten the policy rate in He also observed ZCCM-IH INVESTS $250, 000 IN GOLD LAB the next sitting should inflathe need to increase tion rate not reduce sooner Participation incentives to virtual Community in the

than expected. of local investors willing to invest near future,” she said. Zambia's annual inflation in the economic the zone. Mr

Ms Baitie-Boateng said encurrently stands at 22.7 perzone is currently expressed concern trepreneurs from all sectors cent while a tonne of coplow due to, among that Zambia had and from all African counper is trading at more than other reasons, the competition from tries can apply, stating that $10,462. minimum investment countries such the ABH have a special focus The Central Bank will of US$500,000 which Rwanda, Kenya, on female entrepreneurs and monitor inflation with latsome cy locals Committee say is meeting. Egypt, South highly encourage them to itude for adjustment in its prohibitive. “This is on account Mozambique of the participate. current stance should conLS-MFEZ excess supply Business of maize Zimbabwe in that

“We hosted our first edisumer price index deviate Development view of a good crop better harvest, incentives. tion in 2019 and there was infrom expectations. Manager, higher Francis copper prices and Mr Kunda imsaid ZCCM-IH has set up the laboratory in credible momentum from it. Inflationary pressures are Kunda, proved said external minimum US$

financing. partnership with Karma Mining Services We were inspired by our first expected to ease in view of construction Inflation works is projected of 000 to investment avand Rural Development Limited in set of winners – their stories, improved food supply parthe erage industrial 21.9 yards percent investors to qualify

and 16.7

Consolidated Gold Company. their impact and their potenwere percent currently in on 2021 and available incentives

ticularly maize and wheat 2022, re

Chief Executive Officer, Mabvuto course. spectively,” M Mvunga was a limiting

tial. following a good crop harsaid.

Chipata, explained that the purpose of Mr Kunda He however said local businesses.

“Once the pandemic hit, vest, says BoZ Governor, elevated the joint venture was to develop a gold explained fiscal deficits, that the however said

we decided that it was even Christopher Mvunga. higher crude processing and trading operation in industrial oil prices yards, and rising had been lobbying

more important to continMr Mvunga explained that inflation

Zambia. once in completed, some major trading its parent Ministry

ue our work to support and the decision to maintain the part

Mr Chipata said the investment was would ners boost countries local were Commerce Trade

spotlight African men and policy rate was in recognithe key in line with one of ZCCM-IH’s strategic participation sources of in the inflationary Industry which

women using their businesstion of existing vulnerabilpresobjectives of value creation which was economic sure over zones. the forecast talking to Ministry

es to create social impact,” ities in the financial sector period. to diversify its investments away from He explained Mr Mvunga in Finance to improve

she said. and fragile growth. indicated copper to other minerals such as gold an interview that these that were expected incentives.

Ms “As Baitie-Boateng Karma Mining Services said and Rural Development, The BoZ Governor our said to and other precious metals. the industrial yards “For investors

be mitigated somewhat by they expertise had to adapt is in gold to processing, the rebut we this are yesterday mostly working at a media

US$1.5 He said million this during prize the pool. laboratory Baitie-Boateng said ABH would enable small qualify, one has

alities with of artisanal the Covid-19 and small panscale gold miners.’’ briefing in Lusaka. significantly higher copper media “Applications tour in Lusaka of this yesterday. year’s would recognise 100 African and medium sized invest minimum

demic and increasingly host He stressed that the signifiprices. competition “This is also in are line open with Government’s until entrepreneurs and commit entrepreneurs to set US$500,000

“Over this period, the key virtual and hybrid events. cant improvement in copper classification June 7, 2021 of gold and as we a invite strategic to allocating ore that US$100 would million be received from various “This laboratory prices is targeted and at renewed the interest up businesses in the some of the local

upside risks of inflation is the resource all interested for Zambia,” entrepreneurs he said. in grant miners, funding, who training would get a fair “We share are and determined operations to we are in setting domestic up starting Government with zone. investors that

possible increase in energy in Consolidated Zambia to apply Gold Company – do not Chief programmes, value for and their support material. ensure that the pandemic Rufunsa, were we prices and any resurgence

securities are working by with non-resident small “That one is on the limiting factor. Executive miss the Officer, opportunity Faisal Keer, to beexplained for the broad “As African Karma Mining entreServices does and not Rural hold us back scale from miners there of the Covuid-19indfections

investors and art is were anal miners supportive of table and we have you invest less that come the laboratory recognised would as one be able of to preneurial Development, ecosystem. our expertise driving is in towards gold our from mission the surrounding following the advent of the

the area,” foreign he exchange said. market Citizen Economic S$500, 000 you process Africa’s about business 30 samples heroes,” per she day. “We run processing, the ABH but prize we are mostly to support working the wider African Mr Keer said the new variants,” Mr Mvunga

and laboratory in turn would lower also inflation and Empowerment not be entitled said. Mr Keer said the laboratory was critical competition, with artisanal the ABH and TV small scale entrepreneurial gold ecosystem,” be open to the general said.

going public forward. for them to Commission who are incentives,” Mr to determine Over a 10-year the gold period, accurately Ms in Show the and miners. will launch an ABH she said. come and have their samples tested. constructing industrial said.