NAPSA DIRECTOR GENERAL REMARKS DURING CONTRACT SIGNING OF LUSAKA-NDOLA DUAL CARRIAGEWAY.

I WELCOME YOU ALL TO THIS HISTORIC EVENT TO MARK THE SIGNING OF THE KEY AGREEMENTS FOR THE UPGRADING TO DUAL CARRIAGEWAY OF APPROXIMATELY 327 KM OF T2/T3 OF LUSAKA TO NDOLA ROAD INCLUDING REHABILITATION OF 45KM OF THE LUANSHYA-FISENGE-MASANGANO ROAD.

THIS IS A VERY IMPORTANT MILESTONE FOR THE COUNTRY AND THE INSTUTIONS PROVIDING THE FINANCES TO THIS PROJECT, AS THIS CEREMONY IS A KEY STEP TO MAKING AVAILABLE THE MUCH-NEEDED RESOURCES FOR FULL SCALE COMMENCEMENT OF THE PROJECT. 
FOR NAPSA THIS IS A HISTRORIC MILESTONE – NOT ONLY IS NAPSA THE MAJOR LENDER TO THE PROJECT BUT THIS IS THE SINGLE LARGEST INVESTIMENT EVER BY THE AUTHORITY.

BUT WHAT IS EVEN MORE SIGNIFICANT IS THE FACT THAT THIS IS LARGELY ZAMBIAN CAPITAL FINANCING ZAMBIA’S DEVELOPMENT AGENDA – IT IS ONLY BUT THE BEGINNING OF ZAMBIAN INSTITUTIONAL INVESTORS WORKING TOGETHER TO FINANCE OUR COUNTRY’S DEVELOPMENT AGENDA.

LADIES AND GENTLEMEN, THIS ROAD PROJECT IS A VERY IMPORTANT PROJECT FOR NAPSA AS IT DEMONSTRATES OUR RESOLVE TO BE A KEY PLAYER IN ANY DISCUSSIONS RELATING TO THE ECONOMIC TRANSFORMATION OF OUR NATION. A COMMITTEMENT TO BE THE LENDER OF FIRST CALL FOR NATIONAL DEVELOPMENT PROJECTS, INCLUDING THE LAYING OF INFRASTUCTRE CRITICAL TO THE ACTUALIZATION OF THE GOVERNMENT’S ECONOMC TRANSFORMATION AGENDA.

THIS IS PART OF THE NEW NAPSA WE HAVE COMMITTED TO DELIVER TO OUR MEMBERS AND THE NATION AT LARGE. 
A NAPSA THAT IS DELIBERATE, FOCUSED AND INTENTIONAL. 
A NAPSA THAT HUMBLY BUT PATRIOTICALLY TAKES UP ITS ROLE AS A MAJOR STAKEHOLDER IN NATIONAL DEVELOPMENT AND FINANCIER OF KEY NATIONAL ECONOMIC INFRASTRUCTURE.

A NEW NAPSA THAT IS RESPONDING TO THE JOBS AND WEALTH CREATION AGENDA ESPOUSED BY THE NEW DAWN GOVERNMENT AND THE REPUBLICAN PRESIDENT, MR HAKAINDE HICHILEMA. 
AS WE FINANCE THIS AND OTHER STRATEGIC PROJECTS, WE DO SO AND SHALL CONTINUE TO DO SO WITH A SENSE OF UTMOST RESPONSIBILITY TO OUR MEMBERS, WHOSE FUNDS WE INVEST FOR THEIR BENEFITS, THEIR LOVED ONE AND THE COUNTRY . 
THE PROCESS UNDERTAKEN TO DELIVER THIS INVESTIMENT HAS BEEN THOROUGH, TO ENSURE THAT THE INTERESTS OF OUR MEMBERS ARE SAFEGUARDED.

AS WE SIGN THIS AGREEMENT TODAY, WE DO IT WITH CONFIDENCE THAT WE HAVE ADDRESSED THE KEY ISSUES TO THE BENEFIT OF OUR MEMBERS AND THE COUNTRY.
WITH THAT, ALLOW ME TO HIGHLIGHT A FEW SALIENT FEATURES ON THE PROJECT.

PROJECT DESCRIPTION;
THIS IS PUBLIC PRIVATE PARTNERSHIP VIA A 25-YEAR CONCESSION AGREEMENT BETWEEN GOVERNMENT OF THE REPUBLIC OF ZAMBIA AND MOIC-LN CONSORTIUM FOR THE UPGRADING TO DUAL CARRIAGEWAY OF APPROXIMATELY 327 KILOMETRES OF THE LUSAKA-NDOLA ROAD AND REHABILITATION OF 45KM OF THE LUANSHYA-FISENGE-MASANGANO ROAD.

PROJECT DURATION;
THE CONSTRUCTION OF THE ROAD IS EXPECTED TO TAKE 36 MONTHS.

 
TOTAL PROJECT COST;
THE TOTAL PROJECT COST IS APPROXIMATELY US$650 MILLION.

PROJECT FUNDING;
NAPSA’S FUNDING TOWARDS THE PROJECT IS A TOTAL OF USD300 MILLION OR APPROXIMATELY 46 PERCENT OF THE TOTAL PROJECT COST. OTHER PROJECT FINANCIERS INCLUDE OUR SISTER INSTITUTIONAL INVESTOR – WORKERS COMPENSATION FUND CONTROL BOARD, (US$50 MILLION) AND MOIC-LN CONSORTIUM.

NAPSA’S FUNDING INSTRUMENT;
NAPSA’S FUNDING TOWARDS THE PROJECT IS A LOAN FACILITY FOR 13 YEARS AT AN INTEREST RATE OF 9.5 PERCENT, WITH A THREE-YEAR MORATORIUM DURING THE CONSTRUCTION PHASE. 
THIS IS A VERY GOOD INVESTMENT THAT WILL EARN THE AUTHORITY A TOTAL OF APPROXIMATELY ZMW190 MILLION IN INTEREST AND DIRECTLY CONTRIBUTE ABOUT USD 33 MILLION TO THE NATIONAL TREASURY THROUGH TAXES. 
THE AUTHORITY IS EXPECTED TO RECEIVE UP TO USD 50 MILLION IN INTEREST DURING THE MORATORIUM PERIOD. 
WE ARE THEREFORE DELIGHTED TO BE PART OF THIS PROJECT AS A MAJOR LENDER AND LOOK FORWARD TO THE SUCCESSFUL COMPLETION OF THE PROJECT. 

I THANK YOU