$20m Chagwa Lungu Mall To Be Constructed In Kitwe

STANBIC Bank Zambia has lent Avic International US$20 million to construct a shopping mall in Kitwe to be named after President Edgar Lungu.

Speaking during a client cocktail organised to announce the deal with the Chinese company on Monday evening, Stanbic chief executive officer Charles Mudiwa said the credit to construct the Edgar Chagwa Lungu Mall at Freedom Park in Kitwe was in line with the bank’s focus on extending lending to the building of shopping malls.

“Tonight, we announce another partnership with Avic Limited where we are providing a credit line for the construction of the Edgar Chagwa Lungu Mall in Kitwe. This facility is worth US$20 million and will support the construction of phase II of the Edgar Chagwa Lungu shopping mall at Freedom Park in Kitwe,” Mudiwa told stakeholders at the bank’s headquarters in Lusaka.

“The construction project is set to create thousands of jobs, but also once it is opened, it will create additional jobs in Kitwe. Avic International Zambia has been operating in Zambia since 2010; the relationship with Stanbic bank started in 2013.”

He said the latest financing deal followed the bank’s increasing investment in other malls in the last few years.

“We have recently financed in total US$135 million worth of construction for malls. These include Mukuba Mall, Kafubu Mall, East Park Mall, Manda Hill, Jacaranda and Cosmopolitan, which was opened recently. These malls have changed the lives of people in Zambia and our communities and has improved our shopping experience across the nation,” said Mudiwa.

Avic International is also one of the leading Chinese companies in the Link Zambia 8,000 road project.