The two countries have also signed five bilateral exchanges of notes which will cover the implementation of the technical corporation for the Agriculture Technology demonstration center, provision of solar mobile system and support to the Confucius institute at the University of Zambia.

The bilateral exchange notes will also cover the construction of the Chinese Doctors’ residence at the Levy Mwanawasa general hospital and the hosting of hosting of two seminars for Zambian government officials in china.

Acting Republican President and finance and National planning minister Alexander Chikwanda signed on behalf of the Zambian government while vice minister of commerce Li Jinzao signed on behalf on behalf of the government of the people’s republic of china.

Speaking after signing the agreements in Lusaka yesterday, Mr. Chikwanda said the economic and technical corporation grant will go a long way in improving skills for the country’s manpower in various sectors.

The acting President said the grant will also lead to increased productivity coupled with greater efficiency and ultimately a reduction in poverty levels.

He said the technical corporation on the agriculture demonstration center has added another dimension to the government’s efforts in developing and utilizing new technology and capacity building in the agriculture sector.

And Chinese vice minister of commerce Li Jinzao underscored that Zambia is one of the largest beneficiaries of Chinese grants in Africa.
Mr. Li said through an interpreter that Zambia%u2019s exports into China hit a record high 2.8 billion dollars in 2011 adding that his government will work to further enhance trade between the two countries.

Meanwhile, Zambia, China and Tanzania have signed a loan agreement for the Tanzania Zambia Railways (TAZARA), a 15th protocol on Technical Corporation for TAZARA and a protocol on the implementation of the feasibility study on the rehabilitation of TAZARA.

Acting republican President Alexander Chikwanda expressed hope that feasibility study will be completed in time so that rehabilitation works can commence.

Speaking earlier, United Republic of Tanzania communications minister Omari Nundu who signed non behalf of his GOVERNMENT said TAZARA has to operate as a sustainable undertaking.

Mr. Nundu however noted that certain elements from the 14th protocol on TAZARA have not been implemented and therefore called on the tripartite to execute some fundamentals from the previous protocols so that they move in tandem with the signed 15th protocol.

Daily Mail

Government over the weekend suspended Zambezi Airlines operator certificate citing serious safety concerns.

Ministry of Transport, Works, Supply and Communication Permanent Secretary Dominic Sichinga who announced the suspension says that government will soon institute a tribunal to make inquiries on the airlines operations.

But Zambezi Airlines Chairman, Maurice Jangulo says the Airline adheres to safety and aviation regulations relating to aircraft maintenance.

Dr Jangulo says all its aircrafts are maintained and certified by a South Africa, company, Jetworx.

Dr Jangulo says the airline is working round the clock to ensure that its licence is re-installed.

He was speaking to ZNBC News in Lusaka on Sunday.

Efforts to get a comment from the Mr Sichinga to react to Zambezi Airlines statement failed as his phone was unreachable by press time.

This means that the country exported more in August 2011 than it imported in nominal terms.

Central Statistical Office acting Director John Kalumbi says since January this year, the country has had Monthly trade surpluses with the highest valued at K1, 484.3 billion recorded in January 2011 and lowest in July 2011 valued at K440.7.

He said Zambia’s major export products in August 2011 were from the intermediate goods category which accounted for 85.7 percent.

Mr. Kalumbi added that other exports were from consumer goods, raw materials and capital goods category which collectively accounted for 14.3 percent of total exports in August 2011.

He said Zambia’s major export destination in August 2011 was Switzerland which accounted for 38.8 percent adding that major export products were Cathodes and sections of Cathodes refined Copper accounting foe 77.1 percent.

Other export destinations were China accounting for 16.7 percent, South Africa accounting for 8.3 percent, the United Kingdom accounted for 5.5 percent and the Democratic Republic of Congo which accounted for 5.2 percent.

ZDA Director-General, Andrew chipwende says Zambia has maintained a politically stable environment, one which can not deter the sustenance of investment.

Mr Chipwende has further argued that no investment has been withdrawn from Zambia in advent of next month’s general elections.

Click here to view the video on YouTube.

Mr Konga also castigated politicians for opposing the recently launched installation of solar geysers and the deferred payment scheme for electricity connection fees saying the projects are aimed at improving people’s living standards.

He said the initial 100,000 countrywide installation of solar geysers by Zesco would help the electricity company to make a saving of about K60 billion and 1, 200 job opportunities for Zambians would be created.

The minister said at a media briefing in Lusaka yesterday that Government was not spending any money on the projects by the electricity company.

He said with the installation of the 100,000 geysers,  Zesco would save 150 Mega Watts per year.

“The accumulated energy saved per year is 1178.5 GWh. This saving will eliminate load shedding, therefore the current annual loss of US$6.1 million will be saved.

“For instance under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC) the introduction of solar geysers is one of the projects that is eligible for funding since solar is among the renewable energies that contribute to the reduction of emissions that affect climate,” he said.

He said the annual saving from the introduction of solar geysers would be equivalent to 1.2 tones of carbon emissions reduction (CER) that could earn Zesco about US$5.9 million.

“The financial evaluation shows that the project is bankable because the payback period is only three years,” he said.

On the deferred connection fees payment scheme, Mr Konga said the project was aimed at ensuring that more people are connected to electricity.

“In the past, Zesco endeavoured to increase access to electricity by implementing projects such as township electrification which helped increase access to electricity from 10 per cent to 25 per cent.

However, given the Government’s policy of increasing access to electricity by 50 per cent by 2030, the current connection rate of about 33,000 per financial year is not adequate to meet such a target.

“In the short to medium term, Zesco has set itself a target of connecting 72,000 customers per year beginning 2011/2012 to 2015/2016 financial year,” he said.

He said to achieve the target, Zesco planned to connect 6,000 new customers per month in order to increase access to electricity from 25 per cent to 40 per cent by 2016.

He said this would only be achieved by embarking on aggressive marketing and innovative schemes to enable the general populace to afford the connection fees.

Wester Province

Western Province.

The biggest projects are in the road, education and health sectors.

According to a summary of Government infrastructure development programme obtained by the Zambia Daily Mail in Mongu at the weekend, Kalabo Central Constituency has received the biggest allocation of K1.3 trillion, which is the total amount Government committed to the construction of the Mongu-Kalabo road.

President Banda last October commissioned the construction of the road, whose trial section has already been done.

Senanga Central Constituency has received K715 billion, out of which K705 billion is for the construction of the Senanga-Sesheke road.

Third on the queue is Mwandi Central Constituency, which has received K37.5 billion, out of which K33 billion is for the full construction of Mwandi Boarding High School.

Lukulu East Constituency has received K33.4 billion, out of which K26.6 billion is for the construction of Lukulu Boarding High School.

Sinjembela has received K33.3 billion, from which K28.6 billion will go towards the construction of Nangweshi Boarding High School, while Nalikwanda Constituency has received K29.9 billion, out of which K25.7 billion is for the construction of Nakanyaa Boarding High School.

A total of K29.1 has been allocated to Mangango Constituency, from which K27.6 billion is for the construction of Mayukwayukwa Boarding High School.

Other allocations are Liuwa Constituency (K11.8 billion), Mulobezi (K9.7 billion) and Nalolo (K8.3 billion).

The rest are Mongu Central (K6.9 billion), Sikongo (K4.8 billion), Kaoma Central (K4.6 billion) and Lukulu West (K1.4 billion).

The constituencies that have received least allocations are Luampa (K950 million), Sesheke Central (K934.2 million) and Luena (K540 million).

Daily Mail

BOZ has taken the move in line with sub-section (i) of paragraph (a) of section 84B of the Banking and Financial Services Act, Chapter 387 of the Laws of Zambia.

A statement issued by BOZ head of public relations Kanguya Mayondi in Lusaka yesterday said this followed the finalisation of preparation of the statement of affairs of the assets and liabilities of FBZL as required by the Act.

Mr Kanguya said the statement of affairs of the assets and liabilities showed Finance Bank to be solvent.

“It, however, has a shortfall in the regulatory capital prescribed by the bank and, consequently, the bank intends to restructure FBZL in terms of section 84B (a) (i) of the Act,” reads the statement in part.

According to the statement, the restructuring would entail a purchase and assumption transaction, and that the legal rights of the depositors and creditors would be honoured.

The statement further states that it was the desire of the central bank that the branch network was maintained and employment safeguarded under the transaction.

A hearing of interested parties concerning this matter would be held on March 9, 2011 from 09:00 to 16:00 hours at Mulungushi International Conference Centre in Lusaka where BoZ has invited interested parties to participate in the hearing by either making an oral submission at the hearing, submitting comments in writing online at fbzlrestructuring@boz.zm, depositing written submissions at the nearest FBZL branch, or depositing written comments.

“All written submissions must include details of the submitter’s name, the capacity in which they are writing and the nature of their interest in the restructuring of FBZL.

“All interested parties who intend to provide oral submissions (and whether or not preceded by written submissions) are requested to notify the bank in writing by no later that March 4, 2011 of their intention to attend the hearing.

“This notification should include details of their name, the capacity in which they are acting and the name of their interest in the restructuring of FBZL and should be sent to: The Director, Bank of Zambia, Head Office, Bank Square, Cairo Road, Box 30080, Lusaka,” reads the statement.

Times

An affidavit signed by the bank’s company director of credit, Charity Shitumbanuma states that the bank had sent a number of reminders to Mr Kavindele from the time his period for payment elapsed but he had neglected to clear the overdraft.

Ms Shitumbanuma said in March 2009, the defendant at his request was granted a temporary bank overdraft facility of K30 million by the plaintiff and was to be settled by April 30 the same year.

Mr Kavindele also made an equitable mortgage between himself and the bank of the one part and the defendant of the other part, leasehold properties known as Lot number 3831/M New Kasama on Leopards Hill Road.

The defendant deposited his title of equitable mortgage in favour of the plaintiff in the sum of K30,000,000.

Ms Shitumbanuma said the bank had not received any money either from Mr Kavindele or any other person sent by him.

The bank was now claiming the amount advanced under equitable mortgage of K30 million and the amount due as at September 13, 2010, which was K47,687,601.94.

The bank was also claiming interest, which had continued to accrue at the current bank lending rate.

Ms Shitumbanuma said despite reminding the defendant to settle the facility, Mr Kavindele had neglected to do so.
She said Mr Kavindele had been written to that should he fail to settle the amount, the bank would have no option but to drag him to the High Court.

The matter has since been allocated to High Court judge Albert Wood.

Times

BoZ Governor Caleb Fundanga said the fourth quarter of 2010 had showed an increase in the number of cheques bouncing as a result of insufficiently funded accounts by 5.4 per cent.

Dr Fundanga said the number of bounced cheques had risen to 4,428 as compared to 4,202 in the third quarter.

In the third quarter, the 4,202 cheques had a value of K35.3 billion and the value moved to K36.2 billion in the fourth quarter.

Dr Fundanga urged members of the public to ensure they have sufficient funds in their accounts whenever they issued cheques.

“This will ensure that they do not face criminal charges under the National Payment System Act for bouncing a cheque, dishonest or with intent to defraud,” Dr Fundanga said.

Under the Act, it is a criminal offence to bounce a cheque and an individual can be arrested and prosecuted.

During the quarter under review Zambia witnessed an improvement in the availability of the electronic payment options.

Dr Fundanga said the number of the point of sale (POS) terminals increased by 8.3 per cent to 1,119 compared to 1,033 during the third quarter of 2010.

“The volume of POS transactions also increased by 42.2 per cent to 284,145 when compared to 199,817 in the third quarter. Similarly, values of POS transactions increased by 32.6 per cent to K113.9 billion (third quarter 2010: K85.9 billion),,” Dr Fundanga said.

He said the number of automated teller machine (ATM’s) increased by 4.5 per cent to 489 ATM’s compared to 468 in the third quarter.

The volume of ATM transactions also increased by 5.1 per cent to 6,654,992 in the period under review from 6,333,073.

Further the value increased by 71 per cent to K3, 397.3 billion in the same period from K2, 897.6 billion.

The banking sector for the quarter ended December 2010, he said, was satisfactory and the capital position, asset quality and liquidity also performed well.

Dr Fundanga said earnings performance of the sector declined largely on account of an increase in the non-interest expenses.

This was due to increase in staff emoluments, reorganisation costs and additional tax provision.

Tomes