NAPSA BOARD OF TRUSTEES CHAIRPERSON’S REMARKS DURING SIGNING FOR FINANCING OF LUSAKA-NDOLA DUAL CARRIAGE WAY

IT IS MY PLEASURE TO WITNESS THIS IMPORTANT AND HISTORIC NATIONAL MILESTONE, THE SIGNING OF THE FINANCING AGREEMENT FOR THE UPGRADING OF THE LUSAKA TO NDOLA ROAD.

I WISH TO RECOGNISE AND APPRECIATE IN A SPECIAL WAY THE WORKERS COMPENSATION FUND CONTROL BOARD AND MACRO OCEAN INVESTMENT CONSORTIUM (MOIC-LN) WHOM WE HAVE PARTNERED WITH ON THIS PROJECT.

LADIES AND GENTLEMEN, AS YOU MAY ALREADY BE AWARE, THE CONCESSION AGREEMENT FOR THIS PROJECT WAS FORMALLY SIGNED BETWEEN THE GOVERNMENT OF THE REPUBLIC OF ZAMBIA AND MOIC-LN ON FEBRUARY 28, 2023. THEREFORE, THIS AGREEMENT WE ARE SIGNING TODAY MARKS ANOTHER IMPORTANT MILESTONE IN THE REALIZATION OF THIS PROJECT AS IT WILL MAKE AVAILABLE THE NECESSARY FUNDING TO ENABLE THE COMMENCEMENT OF FULL-SCALE OPERATIONS OF THE PROJECT.

TODAY WE STAND ON THE PRECIPICE OF A HISTORIC MOMENT FOR OUR BELOVED NATION OF ZAMBIA THROUGH A LANDMARK ROAD PROJECT, A PROJECT THAT PROMISES TO REDEFINE THE COUNTRY’S LANDSCAPE AND THE LIVES OF THE ZAMBIAN PEOPLE. THIS PROJECT, MADE POSSIBLE BY THE STRATEGIC INVESTMENT OF OUR PENSION FUND, IS A TESTAMENT TO OUR COMMITMENT TO THE SUSTAINABLE DEVELOPMENT OF ZAMBIA.

THIS IS NOT JUST ANY ROAD, BUT THE FIRST LONG DUAL CARRIAGEWAY STRETCHING OVER 300 KILOMETRES IN THE HISTORY OF ZAMBIA. THIS ROAD, CONNECTING LUSAKA AND NDOLA, IS MORE THAN A MERE TRANSPORTATION LINK. IT IS A SYMBOL OF PROGRESS, A TESTAMENT TO OUR AMBITION AS A COUNTRY, AND A BEACON OF HOPE FOR OUR CHERISHED FUTURE. IT IS A LIFELINE THAT WILL CONNECT THE SOUTH OF OUR COUNTRY TO THE COPPERBELT AND THE NORTHERN CORRIDOR, FOSTERING UNITY, FACILITATING COMMERCE, AND PROMOTING ACCESSIBILITY.

THE CONSTRUCTION OF THIS DUAL CARRIAGEWAY IS A MONUMENTAL TASK, BUT IT IS ONE THAT WE ARE INVESTING IN WITH DETERMINATION AND OPTIMISM. FOR IT IS NOT JUST ABOUT LAYING ASPHALT OR ERECTING SIGNPOSTS, IT IS ABOUT PAVING THE WAY FOR A BRIGHTER FUTURE FOR ZAMBIA. IT IS ABOUT CREATING OPPORTUNITIES, EMPOWERING COMMUNITIES, AND DRIVING ECONOMIC GROWTH

PROJECT BENEFITS TO NAPSA AND ITS MEMBERS

IN ADDITION TO THE 9.5 PERCENT ANNUAL INTEREST THAT WILL BE EARNED ON THE LOAN FACILITY, THE AUTHORITY STANDS TO BENEFIT IN MANY WAYS INCLUDING.

• DIVERSIFICATION OF NAPSA’S INVESTMENT PORTFOLIO.
• PROTECTION OF THE INVESTMENT FUND AGAINST LOCAL CURRENCY DEPRECIATION AND LOCAL INFLATION.
• INCREASED EMPLOYMENT OPPORTUNITIES FROM THE PROJECT, WHICH WILL TRANSLATE INTO INCREASED CONTRIBUTIONS FOR THE AUTHORITY, PROVIDING A BASE FOR GROWTH OF THE INVESTMENT PORTFOLIO THROUGH IMPROVED RETURN ON INVESTMENT AND INCREASED CAPACITY TO PAY BENEFITS AS AND WHEN THEY FALL DUE.
• THIS INVESTMENT WILL ALSO HELP TO PRESERVE THE VALUE OF THE MEMBERS’ FUNDS.

PROJECT BENEFITS TO THE COUNTRY

LADIES AND GENTLEMEN, THE PROJECT EQUALLY HAS MANY BENEFITS TO THE COUNTRY. AMONG THEM INCLUDE THE FOLLOWING.

• CREATION OF MORE THAN 4000 DIRECT JOBS FOR ZAMBIANS DURING THE CONSTRUCTION PERIOD AND ABOUT 24,000 INDIRECT JOB OPPORTUNITIES FOR SUPPLIERS OF VARIOUS GOODS AND SERVICES.
• THE PROJECT WILL SPUR MEDIUM AMD SMALL BUSINESS GROWTH THROUGH INCREASED TRADE WITHIN THE PROJECT AREAS, THE COUNTRY AND THE REGION AT LARGE. THIS WILL NOT ONLY BOOST THEIR BUSINESSES BUT ALSO CREATE A SENSE OF OWNERSHIP AND PRIDE IN THE PROJECT.
• MODERNISATION OF THIS KEY TRANSPORTATION ROUTE IS EXPECTED TO ENHANCE TRADE AND IMPROVE OVERALL ACCESSIBILITY.
• TRANSFORMATION OF ZAMBIA AS A REGIONAL TRANSPORT HUB AS THE ROAD WILL LINK THE REPUBLIC OF ZAMBIA TO KEY REGIONAL MARKETS BEYOND THE COPPERBELT PROVINCE.

LADIES AND GENTLEMEN, THIS PROJECT IS A SIGNIFICANT MILESTONE IN THE DEVELOPMENT OF ZAMBIA’S KEY INFRASTRUCTURE AS THE COUNTRY MOVES TOWARDS THE VISION 2030 OF BECOMING A MIDDLE-INCOME PROSPEROUS COUNTRY.

DEVELOPMENT OF SUCH KEY INFRASTRUCTURE GIVES BIRTH TO MANY MORE PROJECTS THAT WILL ULTIMATELY BENEFIT THE COUNTRY AND ITS PEOPLE IN SUCH OTHER AREAS AS MINING, AGRICULTURE, EDUCATION, TOURISM, SOCIAL INTEGRATION AMONG OTHERS.

LADIES AND GENTLEMEN, I AM DELIGHTED TO BE PART OF THIS DEVELOPMENT WHICH MARKS A SIGNIFICANT PHASE IN THE LIFE OF NAPSA AS WE ONCE AGAIN DEMONSTRATE THAT NAPSA MEANS BUSINESS. WE HAVE BEFORE US A NAPSA THAT IS NOT AFRAID TO BE PIONEERS IN PROVIDING RESPONSIVE SOCIAL SECURITY THROUGH THE INTRODUCTION OF THE PRE-RETIREMENT BENEFIT TO MEMBER AND PENALTY WAIVER TO EMPLOYERS WHILE ENSURING, WITHOUT COMPROMISE, THE SUSTAINABILITY OF THE SCHEME. WE HAVE A NAPSA THAT IS ABLE TO ASSERT ITS ROLE AND TAKE ITS RIGHTFUL POSITION IN THE ECONOMIC TRANSFORMATION AGENDA OF OUR COUNTRY. WE ARE DELIGHTED TO BE PART OF THE GOVERNMENT’S AGENDA ON JOB CREATION AND EMPOWERMENT THAT WILL HELP TO LIFT OUR STANDARDS OF LIVING AS A MIDDLE-INCOME NATION.

WE WOULD LIKE TO EXPRESS OUR GRATITUDE TO ALL STAKEHOLDERS INVOLVED IN THIS PROJECT. YOUR COMMITMENT AND SUPPORT HAVE BEEN INSTRUMENTAL IN BRINGING THIS PROJECT TO FRUITION.

AS I CONCLUDE, I WOULD LIKE TO REITERATE THAT WE ARE COMMITTED TO PLAYING A KEY ROLE IN THE REALIZATION OF THE NEW DAWN GOVERNMENT’S ECONOMIC TRANSFORMATION AGENDA THROUGH HIGH IMPACT INVESTMENTS SUCH AS THIS ONE. NOW AND GOING FORWARD, WE WILL BE FIRST REPONDERS TO THE FINANCING NEEDS FOR THE DEVELOPMENT OF OUR COUNTRY.

AS WE EMBARK ON THIS JOURNEY, LET US REMEMBER THAT THIS ROAD IS MORE THAN A PHYSICAL ENTITY. IT IS A PATHWAY TO PROSPERITY, A ROUTE TO DEVELOPMENT, AND A HIGHWAY TO A BETTER TOMORROW. LET US CELEBRATE THIS MOMENTOUS OCCASION AS WE LOOK FORWARD TO THE COUNTLESS BENEFITS THAT THIS ROAD WILL BRING TO OUR NATION.

I THANK YOU

GOD BLESS YOU