South Africa has invested US$ 1 billion in Zambia – Mutati

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Felix Mutati

Finance Minister Felix Mutati has disclosed that South African companies have invested close to one billion dollars in the Zambian economy this year.

And Mutati says the Zambian government is in the process of creating financing instruments which will facilitate enhanced participation of the private sector in infrastructure development.

Addressing delegates and investors at the on-going Africa Infrastructure Financing Forum in Johannesburg, South Africa, today, Mutati said one of Zambia’s top priorities was to mobilise public-private-sector investment for mega projects such as the planned Batoka Power Station between Zambia and Zimbabwe which is expected to produce 2,400 MW of hydro power and enhance developmental integration in the region.

“Unless we have power to drive industrialisation, regional integration and competitiveness will be eroded,” he said, adding that, “in Zambia we are refining public-private-partnership models to facilitate infrastructure development from design to operation and transfer, through financing instruments such as credit enhancement and contingent guarantees.

“We cannot address the infrastructure deficit in Africa if we continue with business as usual. We also need to begin to create a sense of urgency to curb excessive bureaucracy and establish functional platforms for efficient and effective actualization of private investment.

“To address the infrastructure deficit in key sectors of our economies, we need ruthless prioritization of development projects, efficient resource preparation, and effective sequencing of our programme implementation processes,” said Mutati.

“I remain hopeful that despite the infrastructure challenges, working together with neighbouring governments will enhance Zambia’s competitiveness,” said the Minister, adding that, “this year alone, investments from South Africa have reached close to one billion dollars.

Speaking earlier at the same event, South Africa’s Minister of Trade and Investment Rob Davies said that the African Continent has an annual infrastructure financing deficit of US$93 Billion per annum for the next twenty years.

Davies noted that Africa’s competitiveness remains weak because of this huge infrastructure deficit.

He however disclosed that South Africa is making progress in unlocking the infrastructure deficit by harnessing partnerships and using locally manufactured components and inputs, in line with Africa’s 2063 Agenda and Vision for social-economic development.

“We have developed guidelines and a code of conduct for South African companies which have invested and are operating businesses in other African countries to ensure that the highest standards of corporate governance are observed,” Davies disclosed.

“South Africa aims to enhance investment led trade partnership with Zambia especially in the energy sector,” he said, adding that, “we are looking at ways in which we could partner with Zambia to address developmental challenges of our two countries through infrastructure development.”

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