Request for Investment Proposal Criteria


The National Pension Scheme Authority (NAPSA) was established in February 2000 by the National Pension Scheme Act no. 40 of 1996 of the Laws of Zambia.  

The National Pension Scheme Act no. 40 of 1996 of the Laws of Zambia provides for investments of funds of the scheme not immediately required to meet any charges or obligations in a range of assets. The primary aim of the investments is to provide for the benefits of members of the Scheme. The investment approach of the Authority therefore recognizes both the short-term and the long-term objectives of the Scheme. 

The Authority has been receiving a lot of unsolicited proposals from the members of the public and has now stopped accepting such in order to increase transparency. 

Arising from the preceding, the Authority has opened the first call for commercially viable Investment Proposals from both public and private sector within its investments guidelines. For this Call for Investments Proposals, the Authority is planning to invest across a range of business models that will be targeting commercially viable investment projects in sectors such as; 

    1. Energy  
    2. Agriculture and Agro Processing 
    3. Health 
    4. Manufacturing 
    5. Education 

The Authority shall, in making and maintaining investments, be guided by the following principles: 

    1. capital preservation and safety of members funds; 
    2. investment returns within tolerable risks; 
    3. liquidity; and 
    4. asset-liability matching. 

Projects selected from the Call will be processed in accordance with the Authority’s Investments and operational guidelines, asset allocation, Statement of Investments Policy and Investments Strategy 2018 to 2021. 


Eligibility Criteria (Among Others)

Proposals must meet the following eligibility criteria:

  • Strategic Fit- Only projects that are in line with the Authority’s investments strategy shall be processed  
  • Geographical Coverage: All projects located in a Zambia are eligible 
  • Agric and Agro Processing Targets: Under agriculture investment projects engaging in the value chain will be targeted and will be given high consideration. 
  • Technical, risk and Commercial viability: The investment proposal must demonstrate technical, risk viability, risk mitigation factors, bankability and how the project will generate revenue and profits for the Authority for the benefit of its members. Applications should therefore be supported by a detailed description of the cost and revenue streams associated with the project. The Authority will prioritize innovative projects that provide demonstration effect of new models in the range pf sectors mentioned above. 
  • Development impact: Proposal must show how the project will generate benefits to the communities affected, e.g. job creation, income generation, empowerment of disadvantaged groups (including women, youth and rural communities). 
  • Project status: Project development activities must have passed a pre-feasibility stage beyond a concept note, i.e. proposals should include as a minimum a completed business plan and all initial compliance steps (e.g. licenses, permits, titles, etc). Priority will be given to existing projects that are looking for expansion. 
  • Ownership: The investment project must be promoted by either a public or private entity operating in Zambia or planned to be operating in Zambia. 
  • Qualified management: The proposal must show evidence that the proposed management team has the necessary technical and managerial skills to run the project. 
  • Sustainability: Sustainable environmental and social business practices are essential and at the heart of the Authority’s investment strategy. Any applicant shall (be ready to) comply with international best practices. 
Selection Criteria

Eligible projects will be selected for further consideration based on the following selection criteria:

  • Commercial viability: Proposals that show ability to generate revenue and make profits will be given priority.
  • Developmental impact: Priority will be given to proposals that show high development benefits accruing to affected communities and the country at large, e.g. job creation, income generation, empowerment of disadvantaged groups including women and youth and rural populations
  • Security of the Investments
  • Be technically sound
Instructions for submitting Proposal

Proposals, in sealed envelopes, clearly marked as, “Calls for Investments Proposal” should be addressed to the Director General, National Pension Scheme Authority, Levy Business Park, Corner Kabelenga/Church Roads, Lusaka, Zambia. The Telephone numbers is +260 (211) 395037. However, telefax and emails of Request for Proposals will not be considered.

NAPSA does not invest directly in micro, small, and medium enterprises or individual entrepreneurs, but many of our investment clients are financial intermediaries that on-lend to smaller businesses.

Only completed submissions as per the instructions given will be reviewed. A complete “Call for Proposal Submission Form” must fill out in all sections as per provided sample to be found on

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