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IDC to inject US$15 million in Mulungushi Texiles

THE Industrial Development Corporation (IDC) is targeting to inject US$15 million in Mulungushi Textiles in Kabwe following the takeover of the firm this year.
IDC treasury representative Dominic Kabanje said the funds are aimed at revamping the firm.
“We are in the process of revamping Mulungushi Textiles which we have just taken over in Kabwe. The firm is coming up,” he said in an interview during the Zambia International Trade Fair in Ndola yesterday.
Mr Kabanje said the corporation has already employed 300 people and by the end of the year, 568 will be engaged. He said at full production capacity, 2,500 will be employed.
The firm has projected to inject US$15 million out of which US$5 million will be used as working capital, US$5 million for refurbishing and buying new equipment while US$5 million is for out-grower scheme.
He said the corporation is scaling up production slowly until it reaches full capacity by putting capital as it goes ahead and increasing the number of jobs.
This year’s ZITF theme is “Enhancing value addition for job creation”.
Mr Kabanje said the theme is in line with IDC’s mission and mandate to make industrialization work for Zambia by creating wealth and jobs in the country.
IDC, which is owned by Government and the people of Zambia through the Ministry of Finance, has 34 former state- owned enterprises under it.

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