Commerce Minister Margaret Mwanakatwe says Government is determined to support companies such as the Zambia Sugar PLC because of their capacity to create jobs.
Ms Mwanakatwe says companies such as Zambia Sugar are in line with President Edgar Lungu’s job creation policy.
She said this in Lusaka on Thursday in a speech read for her by her Permanent Secretary Siazongo Siakalenge when Zambia Sugar PLC signed a 60 Million US Dollar financing agreement with four local banks namely Barclays Bank, Stanbic Bank, ZANACO and Citi Bank.
At the same function, Bank of Zambia Deputy Governor Bwalya Ng’andu says the development at Zambia sugar will help in cushioning Zambia’s economic shocks and stabilise the Kwacha.
Dr. Ng’andu has praised Zambia Sugar for its confidence in the Zambian financial sector and the economy in general.
The Deputy Central Bank Chief has also praised the four commercial Banks for uniting in financing a major project that will benefit the nation.
And Zambia Sugar Managing Director Rebecca Katowa says the financing agreement will see the construction of a modern, high-specification refinery.
She says the refinery wills more than double current annual refined sugar production capacity to around 100 thousand tons.
Ms Katowa says the move will also increase annual sugar production capacity from 420 thousand to 450 thousand tons through a range of smaller factory improvements.
And Barclays Bank Managing Director Savior Chibiya says the project is a pure implementation of Government’s desire to diversify the economy and create jobs.