Overpricing scares foreign investor


THE investor planning to set up a US$900 million thermal plant in Chipata that will translate into 300 megawatts of power is threatening to pull out alleging that the Ministry of Lands has overpriced the land, Eastern Province Permanent Secretary Chanda Kasolo has disclosed.

Mr Kasolo explained that initially, the proposed piece of land was supposed to be sold as agriculture land at a cost of K104,000, but was later pegged at a commercial rate of K2.1 million.
He said the South African investor has been charged a commercial rate of K2.1 million, which the investor says is too high considering the investment, hence the decision to move the project to Mozambique.

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