Metro

Zambian President Hichilema reveals monthly salary

Published

3 months ago

August 15, 2024

Zambian President, Hakainde Hichilema, has revealed that he earns K53,000 as monthly salary, while urging citizens, especially the youths, to refrain from relying solely on government employment as such positions may not provide them adequate financial support.

Hichilema who spoke at the Energy Forum for Africa Conference in Lusaka on Wednesday, encouraged Zambians to seize opportunities in the energy sector especially in light of the current drought, which he says presents a chance for entrepreneurship.

“Don’t cry about not getting a job; invest in genuine businesses. If you get a job in government, do you know how much you will be earning? K20,000 per month,” the President said.

He further stressed that government salaries are modest and should not be the sole focus of aspiring professionals.

The President highlighted that even his own salary of K53,000 per month is insufficient to sustain all his activities, underscoring the need for Zambians to seek out and invest in more lucrative ventures.

“Now I will tell you this: the president in this country gets a salary of K53,000. Now, the whole of me queuing for K53,000, what for? People don’t understand what they are asking for,” he stated.

Hichilema therefore urged Zambians to unite and explore various sectors for long-term and short-term investments, which could help create much-needed jobs.

He tasked entrepreneurs to explore the potential for collaborative investments in energy projects, such as generating five megawatts of power.

“Yet if they got together, 10, 20 of them, they can now invest. We have now made it possible quickly for them to invest in five megawatts. Zesco, ERB, if the business generates five megawatts, you will get a decent amount. You learn to work hard, you learn to be patient,” he stated.

The President also called on Zambians in the diaspora to invest back home, particularly during this time of drought, and urged financial institutions to offer attractive packages to facilitate investment in the energy sector.

“Let’s encourage Zambians even in the diaspora to invest back home. Why are you sitting there, focusing on brown bread, yellow bread, pink bread? Invest back home. You are in a market where you can access capital at a lower cost; the interest rates are lower in Europe,” Hichilema urged, adding that his government has already implemented regulatory and legal reforms in the energy sector to make it more attractive and challenged experts across various sectors to develop innovative solutions to address the ongoing energy crisis.

Click to comment

Metro

World Bank pledges $3b to support Zambia’s development goals

Published

8 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

1 day ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.