Cabinet approves $22m Lake Tanganyika loan

CABINET has approved contraction of a US$22,487,000 loan from the African Development Bank (AfDB) to support the implementation of the Lake Tanganyika development project.
Acting Chief Government spokesperson Ngosa Simbyakula said the project will help to protect the ecological integrity of the Lake Tanganyika basin and improve the quality of lives of the basin population.
Dr Simbyakula was speaking during a post cabinet press briefing at State House in Lusaka yesterday.
He also said Government has approved the issuance of a Statutory Instrument (SI) to raise the minimum paid-up share capital for insurance entities.
Dr Simbyakula, who is Minister of Justice, said this will ensure that insurance entities attend to and discharge their obligations towards policy holders and other beneficiaries when the obligation falls due.
The minister also said this will ensure that insurance companies have adequate capital assets to absorb losses beyond the coverage of their technical reserves and enable them to grow their capital base and maintain internationally acceptable capital and solvency standards.
Dr Simbyakula also said Cabinet has approved the introduction of a furniture loan scheme in order to reduce Government expenditure on the procurement of VIP furniture.
He also said Cabinet has approved the National Youth Policy in order to bring it in line with the African Youth Charter and other international statutes as well as new developments in the political, economic, technological and social environments.
Government has approved the Action Plan for Youth Empowerment and Employment and its implementation
The Action Plan for Youth Empowerment and Employment and its implementation provide a comprehensive strategy that will facilitate the creation of employment and empowerment opportunities for the youth to enhance their participation and contribution to national development.
The strategy offers a clear direction for all line ministries and implementing agencies on the measures to be taken in order to achieve Government’s vision of creating jobs and employment opportunities for the youth.

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