Business

$94 million deal to boost construction, agric sectors

water irrigation of potato field on sunny day

ESTHER MSETEKA, Lusaka
THE Lusaka South Multi- Facility Economic Zone Limited (LSMFEZ) has signed two lease agreements amounting to US$94 million in the construction and agriculture sectors.
One lease agreement was signed between LSMFEZ and Zambia Lusaka Market Limited (ZLM) for the construction of an agro-processing plant and trading platform at a cost of US$55 million, and the other with Madison Capital Limited for the construction of a state-of the –art multi-purpose conference centre at a cost of US$ 39 million in the zone.
During the signing ceremony on Friday last week, LSMFEZ managing director Fortune Kamusaki said the agro- processing plant will process and package over 20 different types of fresh fruits and vegetables in readiness for distribution.
“The objective of the project is to help bring sustainability to agro-products and help small-scale farmers progress into commercial farmers. We are informed that this project will create approximately 252 direct job opportunities in the three years of operations,” he said.
Commenting on the conference centre, Dr Kamusaki said currently, there are very few medium to large-scale local real estate developers on the Zambian market.
He said the multi-purpose conference centre concept is modelled around the Sandton conference centre in South Africa and will house a hotel, apartments, and shopping mall, among other amenities.
“It is, therefore, encouraging to note that Madison Capital Limited has taken up the challenge of investing in the zone. The construction phase is expected to last 24 months from the commencement date,” Dr Kamusaki said.
Earlier, ZLM director Clever Mpoha said the agro- processing plant and trading platform are aimed at creating sustainable growth for agro products and will help small-scale farmers and small and medium-sized enterprises grow into large businesses.
And Madison Capital Limited managing director Muchindu Kasongola is optimistic that the investment into the zone will help change its face.
“We anticipate that the facility will create about 428 direct jobs once completed, while during the construction phase, we expect to create about 1,500 jobs,” Mr Kasongola said.




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