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New cotton project to create 11,000 jobs in Zambia
19
Apr '14
A new cotton project aimed at creating 11,000 employment opportunities has been inaugurated by Robert Sichinga, Minister of Trade, Commerce and Industry, in Mumbwa town, located in the country’s central province.
 
The Citizens Economic Empowerment Commission (CEEC) has extended a finance of 3.5 million kwacha for the project, which includes setting up of a cotton ginnery in Mumbwa.
 
Besides cotton farmers, transporters, suppliers, contractors, etc. would also benefit from the project, which is the first and biggest CEEC funded projects in the last two years, Mr. Sichinga said.
 
The cotton ginnery would be set up under the Mumbwa Ginning and Pressing Company, which has been jointly established by the Zambia National Farmers’ Union (ZNFU), Cotton Association of Zambia and the Mumbwa District Farmers’ Association.
 
The Company will be the only fully indigenously owned cotton ginning company in Zambia, and its establishment will have a multiplier effect, Mr. Sichinga said.
 
All the equipment for the cotton project has been purchased, said CEEC Director General Likando Mukumbuta, and added that the CEEC will hold 30 percent stake in the Mumbwa Ginning and Pressing Company until the loans are paid back.
 
Danford Simujika, managing director of the Company, said more farmers would get an opportunity to own shares in the Company because the CEEC stake would be offloaded to farmers once the CEEC loan is settled.
 

Fibre2fashion News Desk - India

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